Ex-Trump Official Takes Apart “Bidenomics”

On Wednesday, Larry Kudlow, a commentator on Fox Business, slammed President Joe Biden’s economic policies, calling it “class warfare nonsense.”

Kudlow, a senior economic advisor in the Trump administration, spoke out against Biden’s economic claims at a Wednesday address in Chicago. The president said in his speech that the economy was in shambles, and millions were out of work when he took office. Kudlow took offense and implied Biden was delusional, blaming his predecessor for his failures.

According to RealClearPolitics, Biden’s average popularity rating on the economy is 38.3 percent, while his disapproval rating is 57.1 percent. Only 31.6 percent of Americans support President Biden’s handling of inflation, while 63 percent have a negative opinion, according to a RealClearPolitics average.

Biden said his method, which he calls “middle out, bottom up,” works.

A recent AP-NORC-University of Chicago survey found that just 34% of people approved Biden’s economic policies.

Kudlow said that actual hourly earnings, generally known as middle-class wages, decrease by 3% annually. The average weekly wage is decreasing by 5 percent every year. 

He said, under Joe “Bidenomics,” actual weekly earnings have fallen by 2.3% for the lowest-income quartile (those making $38,000 or less annually) and 3.9% for the middle-income quartile (those making $57,000 or less annually). 

There goes the middle-out, bottom-up, and class-warfare approach, Kudlow remarked.

More than two-thirds of Americans (67%) agree that their wages aren’t rising as quickly as prices, per the CNBC All-America Economic Survey.

Kudlow predicted that Joe Biden’s $2 trillion American Rescue Plan would cause the economy to slow to 1% growth in 2022 and early 2023 after having grown by 6.5 percent under Donald Trump. 

Consumer prices rose by 4.0% in May, following an increase of 4.9% in April. Inflation shot up by 9.1 percent in a single month in 2022, a rate that had not been seen in decades.

About $6 trillion has been spent under Biden’s watch, with everyone’s taxes raised and new regulations costing over $500 billion. 

Kudlow argued that Biden has engaged in the greatest central planning the United States has ever seen by attacking fossil resources, increasing hostilities against small and large enterprises, constructing a vast vote-buying grifting industrial strategy, and more. 

Kudlow concluded that the best thing for America would be if Joe Biden retired.