Biden Stands By Bidenomics Amid Rising Inflation

President Joe Biden defended his “Bidenomics” record on Wednesday during a joint press conference with the prime minister of Japan. Asked by a reporter if he stands by his prediction that the Federal Reserve would cut interest rates despite the extreme rise in inflation for three consecutive months, Biden reiterated his prediction.

“I do stand by my prediction that before the year is out, there will be a rate cut. This may delay it a month or so. I’m not sure of that. We don’t know what the Fed is going to do for certain. But look, we have dramatically reduced inflation from 9% down to close to 3%,” he said.

Despite Biden’s claims, inflation rose to 3.5% in March, according to the Bureau of Labor Statistics. That report not only complicates the Fed’s plans to cut rates from 5.25% to 5.5% but also complicates Biden’s Bidenomics message which he is pushing ahead of the November election.

“Bidenomics” has been mocked by Biden’s critics as “Bidenflation,” as inflation skyrocketed from 1.4% when he took office to 9.1% in a little over a year. While it fell to 3% in 2023, it has been stuck around that rate since.

Biden, on Wednesday, attempted to tout his administration’s achievements with employment, saying “we’re better situated” than when he took office in 2021.

As for inflation, he said, “We have a plan to deal with it. Whereas my opposition talks about two things — they just want to cut taxes for the wealthy and raise taxes on other people. So, I think they have no plan. Our plan is one I think is still sustainable.”

Meanwhile, Biden’s former chief of staff Ron Klain said recently at an event that the president is not doing enough to address voters’ immediate concerns, such as the price of everyday essentials like groceries.

Tackling Biden’s approach of taking victory laps on infrastructure projects which he says does not directly benefit the average American, Klain said, “I think the president is out there too much talking about bridges… . He does two or three events a week where he’s cutting a ribbon on a bridge. And here’s a bridge. Like I tell you, if you go into the grocery store, you go to the grocery store and, you know, eggs and milk are expensive, the fact that there’s a fucking bridge is not [inaudible].”

“The president’s most effective economic message is contrast around whose side are you on, and compassion for the [pinch] of family budgets, and his agenda to bring down costs and raise incomes — and that lauding achievements — especially ones with abstract benefits — is less persuasive with voters,” he said to Politico later.