Democrats have always misled the public about "trickle-down economics." But growing an economy from the top down makes sense. When the wealthy spend money buying airplanes, boats, houses, furnishings, clothing, and etc. they create industries and industry creates jobs. When they invest in businesses, vacations and employ people, they create jobs. Spending by the upper class "trickles down" as jobs and income to the lower classes.
Biden's idea of growing the economy from the middle out and from the bottom up escapes any common-sense explanation. And, apparently, it also escapes reality. Joe Biden said "The economy has grown more since I took office than at this point in any presidential term in the last 25 years." That's a lie. Bidenomics has created the worst economy in decades and has only grown poverty, homelessness and crime.
Printing money and government spending have both taken a toll on our economy. Printing money has generated the worst inflation in over 40 years. When more money is printed, consumers are able to demand more goods. But if the supply of goods doesn't keep up, the result is an increase in prices. It simply becomes a matter of supply and demand. Not "greedy capitalists" as Biden presents it.
Joe Biden is the biggest spender of all time. His $1.2 trillion infrastructure bill promised to grow the economy by strengthening supply chains, making long overdue improvements for our nation's ports, airports, rail system, and roads and creating good-paying union jobs.
However, we are three years into his infrastructure bill and an optimistic White House and media are still using phrases like "We're ramping up plans. Implementation is starting. Programs are ready to launch. Money is making its way. Spending is moving at a steady pace." In other words, nothing has happened to improve jobs or the economy and take-home pay has the worst performance in nearly 80 years.
But that shouldn't surprise anyone. The Democrat's record of success with infrastructure spending is zero. Barack Obama passed a $831 billion infrastructure bill that promised "shovel-ready jobs." But Obama's bill actually decreased the GDP, increased the deficit by $185 billion and failed to create any jobs. The excuse was that Obama learned "there's no such thing as shovel-ready projects."
Joe Biden likes to tell us that "We have the strongest economy in the world. Let me say it again, in the world." However, there's not much to support that claim. There is no metric to measure the world’s strongest economy except to compare gross domestic products (GDP). Covid-19 put our country in a comma that ended five years of economic growth. Recovery from the pandemic made the GDP look great but all other economic indicators still have not returned to pre-covid levels.
If the definition of "economy" is a measure of the wealth and resources of a country, Joe Biden has failed miserably. His plan for wealth at the bottom to grow upwards and wealth in the middle to expand outwards, hasn't happened and resources have greatly diminished under his administration. The U.S. depends more and more on resource-rich nations for everything from energy to medicine.
Democrats have used climate change consistently as an excuse to favor their agenda of dictatorial policies. Joe Biden's only effort at reviving domestic manufacturing has been directed at clean energy which serves mostly to advance certain industries, lobbies, or interest groups. His executive order to end the government's purchase of gas vehicles will hurt the U.S. auto industry which may not survive imports of cheap electric vehicles and the industry cannot survive on its ten percent of the global EV market.
"Bidenomics is much less a coherent approach to economic policy and much more a grab bag of subsidies designed to advance key interests of the Democratic Party coalition," said Michael Strain, an economist at the American Enterprise Institute.
Joe Biden has attained virtually no successes as president. From border security, to inflation, to identity politics, to a politicized Justice Department, to military cuts and woke concepts, and to economics, his list of failures has produced a lifetime's worth of major disasters.