Conservatives Mock 'Bidenomics' for Leaving Americans 'Worse Off'

Conservatives criticized President Joe Biden for his "Bidenomics," a term referring to his economic policies that they believe left Americans "worse off."

The president, who is seeking reelection next year, touted the term "Bidenomics" on Wednesday, which was defined on Twitter as "growing the economy from the middle out and the bottom up, not the top down."

"It's an economic vision where we make smart investments in America, educate and empower American workers, and promote competition to lower costs and help small businesses," read the definition that Biden tweeted.

The Commerce Department released data on Thursday showing that the U.S. economy grew stronger in the first quarter of 2023, with the gross domestic product (GDP) increasing at an annual rate of 2 percent. The figure exceeded government officials' estimate of a 1.3 annual growth rate, and it is more than the annual growth rate of 1.1 percent that the Bureau of Economic Analysis (BEA) reported earlier this year, The Hill reported.

The economic growth between January and March is attributed to stronger consumer spending, an increase in exports, and a decrease in imports, according to BEA officials. The released data comes amid high interest rates, speculations of an approaching recession, and an annual inflation rate of 4 percent as of May, according to a June report by the U.S. Labor Department. Additionally, 339,000 jobs were added in May, according to a job report released this month, compared to Wall Street estimates of 195,000 jobs.

Republicans and conservatives have criticized the Biden administration's economic policies, with some sharing a Fox News article that cited a study by the Committee to Unleash Prosperity, a Maryland-based non-profit that weighs in on economic regulations. The study cited by the TV network reported that current economic regulations have cost Americans about $10,000 per household.

"The Biden administration's burdensome regulations have cost Americans about $10,000 per household. 8 years of Biden's regulations could add up to $7 trillion, which is almost $60,000 per household. Bidenomics destroys the middle class," tweeted Republican Representative Marjorie Taylor Greene of Georgia on Thursday.

House Speaker Kevin McCarthy shared a redefined version of "Bidenomics" on Twitter that reads, "blind faith in government spending and regulations."

"It's an economic disaster where government causes decades-high inflation, high gas prices, lower paychecks, and crippling uncertainty that leaves Americans worse off," read the "Bidenomics" redefinition that McCarthy posted.

A spokesperson for the White House directed Newsweek on Thursday to Biden's Wednesday speech in Chicago in which he said that bringing down inflation remains one of his "top priorities."

"Today, inflation is less than half—less than half of what it was a year ago—and that inflation caused by Russia and by the war in Ukraine and by what was going on. But we knew we had more to do. There's more than one way to bring down the costs," he said.

Republican Representative Dan Meuser of Pennsylvania tweeted that "Bidenomics" is the Biden family "getting very rich."

Still, the president defended his economic policies, tweeting on Wednesday, "I came to office with a theory and a plan to change the economic direction of this country. To move from trickle-down economics to what many – from the Wall Street Journal to the Financial Times – have called Bidenomics. And our plan is working."

Newsweek reached out to the White House via email for comment.

The Democratic National Committee also defended the president's economic policies in a Wednesday statement, saying that the Biden administration "are laser-focused on growing the economy from the middle-out and the bottom-up" as they have vowed to protect Social Security and Medicare.

"MAGA Republicans are running for president to end Social Security and Medicare as we know it and rig the economy for the ultra-wealthy and corporations against the middle class – all after Trump and the GOP sent the national debt soaring and presided over the worst jobs record since the Great Depression," the statement read.

"President Biden has promised to protect Social Security and Medicare while 2024 Republicans are hellbent on slashing essential benefits that hard working families and seniors rely on."

Federal Reserve Chair Jerome Powell on Wednesday expressed optimism about the U.S. economy, saying at a conference organized by the European Central Bank in Sentra, Portugal, that a recession is "not the most likely case."

"The U.S. economy has actually been quite resilient," Powell said. "The economy is resilient and still growing, albeit at a modest pace."

Update 06/29/23, 1:15 p.m. ET: the story has been updated with a response from the White House.