After Four Years of High Prices, Americans Are Ready to Turn the Page on “Bidenomics”

Bidenomics Left American Families in the Dust. That’s Why Americans Rejected It at the Ballot Box.

FOUR YEARS INTO BIDEN’S INFLATIONARY PRESIDENCY, PRICES HAVE RISEN AN AVERAGE OF 20.65%, HITTING EVERYDAY CONSUMER GOODS HARD

Inflation hit a 40-year high under President Biden, affecting everything from groceries, to gas, to housing. (The Associated Press: US inflation at new 40-year high as price increases spread – 6/10/22)

All prices have risen an average of 20.65%.
Grocery prices, measured as “food at home,” have increased by 22.32%.
Energy prices have increased by 30.54%.
Gasoline prices have increased by 30.50%.
Electricity prices have increased by 28.55%.
Natural gas prices have increased by 33.30%.
Rent prices have increased by 24.19%.
Car repair and maintenance prices have increased by 34.33%. (U.S. Bureau of Labor Statistics: Consumer Price Index – accessed 1/15/25; U.S. Bureau of Labor Statistics: Consumer Price Index – December 2024 – 1/15/25)

(CNBC: Here’s the inflation breakdown for December 2024 — in one chart – 1/15/25)

DEMOCRATS’ RECKLESS SPENDING SPREES SUPERCHARGED INFLATION

“Nearly four years ago, the Biden administration and Congressional Democrats made a $1.9 trillion bet in the form of the American Rescue Plan. They lost, as it contributed to a surge in inflation that fueled massive voter discontent and Donald Trump's return to the White House.” (Axios: Democrats' $1.9 trillion bet that blew up – 11/10/24)

Former Obama administration counselor to the Treasury secretary Steven Rattner called the American Rescue Plan “the original sin” of inflation. (The New York Times: Steven Rattner: I Warned the Democrats About Inflation – 11/16/21)

The Penn-Wharton Budget Model increased its estimate of the cost of the Inflation Reduction Act’s climate and energy provisions from $384.9 billion in August 2022 to $1.045 trillion in April 2023 – a 271% increase. (Penn-Wharton Budget Model: Update: Budgetary Cost of Climate and energy provisions in the Inflation Reduction Act – 4/27/23)

Former Obama administration economist Jason Furman: “I can’t think of any mechanism by which [the Inflation Reduction Act] would have brought down inflation to date.” (PBS: Inflation is down, but the Inflation Reduction Act likely doesn’t deserve the credit – 8/16/23)

WHILE DEMOCRATS TOOK A VICTORY LAP, FAMILIES STRUGGLED TO MAKE ENDS MEET

As Americans struggled to make ends meet, Biden touted his economic policies as “Bidenomics,” and proclaimed that “Bidenomics is working.” (White House: Remarks by President Biden on Bidenomics – 6/28/23)

Ahead of Biden’s final State of the Union address last year, Democrat Leader Schumer took a victory lap on the economy and said “Democrats’ agenda is delivering.” (Sen. Schumer: Remarks – 3/7/24)

Credit card delinquency was at 8.8% of balances in Q3 of 2024, up from 5.12% of balances during the last quarter of the first Trump administration. “In general, this has been a bigger issue for people in the bottom half of the income spectrum,” said Moshe Orenbuch, an analyst at TD Cowen. (Federal Reserve Bank of New York: Household Debt Rose Modestly; Delinquency Rates Remain Elevated – 11/13/24; The Wall Street Journal: Americans Are Falling Behind on Their Bills. Wall Street Is Alarmed. – 9/14/24)

In July 2024, one-third of American workers said they’re living paycheck to paycheck and have virtually no money for savings. (CBS News: Inflation is cooling, yet many Americans say they're living paycheck to paycheck – 7/15/24)

Nearly 30% of all U.S. households in 2024 said they spent more than 95% of their disposable income on necessitates such as housing, groceries, and utilities. “That share is higher, at around 35%, for households making less than $50,000 a year.” (CNN: Low-income Americans are struggling. It could get worse – 12/21/24)

AMERICANS VOTED TO TURN THE PAGE, REJECTING “BIDENOMICS”

A majority of Americans in a January 2025 Gallup poll believed the U.S. lost ground on the economy under President Biden. (Gallup: Americans See Little Progress in Key Areas Under Biden – 1/14/25)

According to The Wall Street Journal, “Roughly 40% of voters said the economy was their top issue, far outstripping any other issue, and those voters favored Donald Trump by 60% to 38%.” (The Wall Street Journal: How Trump Won the Economy-Is-Everything Election – 11/6/24)

According to an Associated Press VoteCast survey, 96% of voters said “high prices for gas, groceries and other goods” were a factor in their vote. (The Wall Street Journal: How Trump Won the Economy-Is-Everything Election – 11/6/24)

Two-thirds of voters rated the economy as “not so good” or “poor,” and out of the voters who viewed the economy negatively, 69% voted for Trump in the 2024 election. (The Washington Post: Voter anger over economy boosts Trump in 2024, baffling Democrats – 11/6/24)