“Is Bidenomics working?” That is the question that voters are asking because of it constantly being touted on the campaign trail by President Biden. Now that the 2024 election cycle is in full swing, President Biden has been attempting to point to his economic accomplishments, the largest of which is being called Bidenomics.
The President loudly proclaims of his getting passed the Infrastructure Investment legislation. President Biden’s American Jobs Plan represents a comprehensive effort to rejuvenate the nation’s infrastructure. It encompasses traditional infrastructure, such as repairing roads and bridges, modernizing public transportation, and upgrading ports and airports. Additionally, the plan allocates resources to address broader infrastructure needs, like expanding access to broadband internet in rural areas and investing in clean energy infrastructure, such as electric vehicle charging stations. The overarching goal is to create millions of jobs and enhance America’s global competitiveness in the 21st century. What has been left out of the discussion about the jobs created is there is no mention of the jobs destroyed by his policies. No one is arguing that there wasn’t a need for investment in roads, bridges, modernizing public transportation, and upgrading ports and airports. But his inclusion of investing in so-called clean energy infrastructure, such as electric vehicle charging stations, is drawing criticism because it is spending taxpayers’ money on technologies that many view as a private sector endeavor and as not viable economically on its own merits. Democrats have been extolling the virtues of electric vehicles and are attempting to make it seem that the public is clamoring for their adoption. But time and again, it is apparent that without the large government subsidies and regulatory mandates, the public’s acceptance of EVs is tepid at best.
A central pillar of Bidenomics is the commitment to address climate change and promote clean energy. The administration has set ambitious targets for reducing greenhouse gas emissions, aiming to reach net-zero emissions by 2050. To achieve this, President Biden has enacted policies to incentivize the adoption of renewable energy sources, such as wind and solar power. He’s also promoting electric vehicle manufacturing and infrastructure to transition away from fossil fuels. The emphasis here is not only on environmental sustainability but also on fostering innovation and job growth in the clean energy sector. But it is becoming very clear that this clean energy is more expensive than and less reliable than fossil fuels. Liberals are trying to force the public into accepting clean energy despite its deficiencies. They have planned to put as many impediments in front of the production and distribution of fossil fuels in order to artificially increase the price the average citizen must currently pay for their day-to-day energy needs. And as their plan is forcing many fossil fuel power plants to shut down due to ever-shrinking profits, the reliability of our energy system is being called into question because there is no plan in place to determine how many fossil fuel plants need to be preserved in order to provide a base load capability in order to provide the required energy when clean energy is not capable of producing enough to meet the demand.
Bidenomics includes proposed changes to the tax code, particularly for corporations and high-income individuals. The administration seeks to increase the corporate tax rate to fund its ambitious economic agenda. High-income earners may face higher taxes to help fund social programs and reduce income inequality. President Biden’s idea of reducing income inequality is to tax the wealthy and, somehow, redistribute that money to the lower income bracket of citizens. Handouts aren’t a fix to the problem. But President Biden chooses not to acknowledge that income inequality is a skills and education inequality. If he is serious about fixing the problem, he would devise a plan that looks at ways to keep all low-income students to stay in school and graduate. He would look for ways to provide after-school academic tutoring for lower-income students with the goal of not letting them fail their studies due to lack of parental availability and guidance. Lastly, he would not allow low-income students to be held hostage by the teacher’s unions and not allowed to switch to private schools through vouchers. It would seem that his focus is on the betterment of the teachers and not the students.
Regarding trade policy, the Biden administration is taking a more protectionist approach than some previous administrations. The focus is on safeguarding American industries and jobs. This includes a review of existing trade agreements to ensure they benefit American workers and companies. The administration seeks to promote domestic manufacturing and strengthen domestic supply chains to reduce dependence on foreign sources.
If Bidenomics is viewed objectively rather than through the soft colored lens of a political agenda, it is not as great as is being claimed. It has truly worthwhile items, but it is also full of political agenda items that are nothing more than weak attempts to appease the far-left wing of the Democrat party. Things like climate change should be judged by the benefits they directly provide to the taxpayers, such as lower cost energy than has been supplied by fossil fuels in the past and by how much better a citizens life has been made. Not one politician has ever answered the question if money was no object and America spent all that was needed to get this country to net zero immediately, how much change would be made to the earth’s climate? How Americans vote in this upcoming election should tell the story about how successful Bidenomics is viewed as.
Biden’s plan for fixing roads and stuff is good. We need that. But the push for electric cars? More government intervention? Because that’s worked out so well in the past! But EV adoption should be up to businesses and people, not the government deciding it for us.
It’s great to want to help the planet, but we can’t just switch off regular energy without a plan. Another brilliant idea from Biden’s team; what could possibly go wrong this time? What happens when the wind doesn’t blow or the sun doesn’t shine? We need backup plans!
Taxes are another thing. Making rich people pay more might sound good, but we can’t just take from them to fix everything. And it’s not just about money; it’s about giving everyone a chance to learn and get better jobs. Biden should focus more on schools and training instead of just handing out money.
While it’s good to protect American jobs, we also need to be careful. If we push too hard, things might get more expensive for us because of trade issues with other countries.