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chairman Joe Biden’s branded as economic policies “Bidenomics,” has received mixed reviews. Donald Trump’s Niece Mary Trump recently commented on a New York Times story detailing how Bidennomics has been received by the public.
What happened: A New York Times report on Saturday said the Biden team’s bet of making Bidennomics a central theme for his reelection isn’t working. It said the president is still struggling to convince the public of the strength of his economic leadership, despite rising wages and lower inflation.
The report highlighted results from a Navigators poll in August that showed only 25% of Americans support Biden’s key policy actions, such as the “Inflation Cut Act.”
More importantly, the report said, discontent appears to be more pronounced among people under the age of 40 and among black and Latinx people — demographic segments critical to Democratic victories.
It said some in the Democratic camp blame the growth for high inflation, while others think the administration hasn’t promoted its record as much as it should.
The report said, “Biden is struggling to make ‘Bidennomics’ a plus, not a minus.” Worrying.
Commenting on the news story, Mary Trump sought an explanation for the newspaper’s approach. “Can’t imagine why,” she said.
See also: Trump’s niece lays out gameplan for Democrats to keep corrupt judges off the bench as she criticizes Clarence Thomas for ‘moral lapses’
why is it important: Despite the aggressive rate hikes applicable from March 2022, the economy continues to do well. GDP for the second quarter released last week showed an annualized rate of 2.1% quarter-on-quarter growth for the second quarter.
So far, the economy is avoiding a recession amid the resilience of consumers and the job market. The US economy has added jobs at a rapid pace even in an environment of rising rates.
Companies have weathered the downturn well by reducing slack and running a tight ship, and new technologies, such as artificial intelligence, provide room for strong growth ahead.
Of greater concern is the uncertainty surrounding the current economic situation. Skeptics suggest a recession is looming as the slowing effects of aggressive rate hikes are trickling down on the economy.
That said, many economists credit Biden for successfully navigating a difficult environment. Famous economist and Nobel laureate Paul Krugman Said in early August, “Biden’s economic policy was pure Goldilocks, that he set the economic temperature just right.”
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Photo: shutterstock
Source: www.benzinga.com
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