President Joe Biden’s inflationary Bidenomics spending policies ruined the economy he inherited from President Donald Trump, Breitbart Economics Editor John Carney said in a Tuesday interview with Fox Business host Larry Kudlow.
Carney described Bidenomics as a “command-and-control” economics policy.
“It’s the Democratic agenda in legislative form, and yet they call it bottom-up and middle-out. It’s nothing like that,” he explained. “The money goes first to the corporations and then somehow it’s supposed to trickle down to—in the form of tax subsidies—trickle down to workers. And yet they have the gall to attack successful economic programs like Reaganomics [or] like the Trump economic program as trickled down. They are the real trickle-down people, and this is top-down economics.”
Carney also argued that the foundations of Bidenomics are based on the falsehood that he inherited a “failing” economy from President Trump.
“During the campaign, [Biden] said Trump had wrecked the economy with his fumbled COVID response,” Carney said. “That was the line they used over and over again. Then they said they inherited a failed economy when we were growing at close to 6 percent for the year before they got in. That was with all of the disaster of COVID—we still grew 5.6 percent.”
“So, they built [Bidenomics] on this idea that the economy was failing,” Carney continued. “That was untrue, so what they needed to do was pass something because otherwise the economy would have recovered, and people would say Trump fixed the economy. And they couldn’t have that happen. So, they passed something ironically called the American Rescue Act. We didn’t need rescuing. It’s like throwing somebody a weight when they’re already swimming to shore. You’re like, ‘Here’s a lifejacket,’ [and] it sinks them down further.”
“And so that’s what started the inflation going crazy,” he added. “We would have had inflation, but we wouldn’t have gone up to 9 percent without those trillions of dollars being spent. And ever since then, it’s just been lie after lie. The inflation Reduction Act—not reducing inflation… It’s going to cost us three times as much as they told us.”
Unfortunately for Biden, his Bidenomics narrative does not appear to be convincing the American people, as recent polling has shown Americans remain overwhelmingly unhappy with his stewardship of the economy.
However, this has not stopped the Biden administration from attempting what Carney characterized as “wishcraft” in wishing away inflation by declaring victory over it. This is a theme he expounded on in Tuesday’s Breitbart Business Digest.
“I call it wish-casting and wishcraft rather than statecraft,” Carney told Kudlow. “Meaning they make a wish, and they hope it happens. They keep doing this on inflation. We’re going to see it tomorrow. They’re going to declare victory over inflation—probably for the fifth or sixth time they’re going to declare it. The problem is that this makes them more unpopular because everybody notices that inflation isn’t over.”
He explained that although inflation has dipped to 3 percent, it will likely climb back up to four percent this year, which will render premature any Biden declaration of victory over inflation.
This “wishful thinking style of politics” will only damage Biden’s credibility even more, Carney said, because “when they convince everybody, ‘Look, Bidenomics defeated inflation’ and then inflation comes back, they’ll be in a lot of trouble.”
