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🇺🇸 “Bidenomics”

🇺🇸 “Bidenomics”

Plus, a dip in the ocean this summer? No thanks.

July 13, 2023

Good morning, and happy Thursday. Anytime anyone flies a massive American Flag — in this case a 40' x 80' — we just have to highlight it.

🦈 Plus, a dip in the ocean this summer? No thanks.

Also, meet the AI that helps you invest…

QUICK CLICKS

Wray Grilled on Capitol Hill, NATO’s Assurances, North Korea’s Missiles

US: Heat wave scorches millions across country as relief efforts strive to keep up (NBC News) + Vermont Floods Show Limits of America’s Efforts to Adapt to Climate Change (NY Times)

US: Congressman Challenges FBI Director On Whether He’ll Arrest Ray Epps: ‘You Are Protecting This Guy’ (Daily Wire) + Ray Epps sues Fox News for Capitol riot conspiracy claim (BBC)

World: NATO allies offer Ukraine security assurances as Biden hits out at 'craven' Putin (Reuters) + President confuses Ukraine with Russia, Zelenskyy with Putin during gaffe-filled trip (Fox News)

World: North Korea said it fired a Hwasong-18 intercontinental ballistic missile on Wednesday (CNN)

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ECONOMY

“Bidenomics”

President Biden is touting his economic policies ahead of a potential second term and calling them “Bidenomics,” which he pushed during a recent appearance in Chicago. Other surrogates have also made use of this term, pointing to job creation and low unemployment under Biden.

Reporting from the Right: ‘Messed up': Americans react to Biden’s handling of the economy and ‘Bidenomics’ push Kassy Dillon & Jon Michael Raasch, Fox News

Reporting from the Left: Biden unveils his 2024 sales pitch for ‘Bidenomics.’ Is anyone buying? Jeremy Diamond, Kevin Liptak and Betsy Klein, CNN

From The Flag: Detractors of Biden’s economic policies note the nation has experienced historic inflation during his time in office, partially due to high levels of spending and cash having flooded the monetary system in recent years. With that said yesterday’s CPI report showed that inflation is heading in the right direction. Here’s more from both sides.

RIGHT-LEANING SENTIMENT

The White House Says the Economy Is So Great We Need Even More Government Control

“Bidenomics” tosses out free market capitalism in favor of government influence: wage floors, price controls, and pro-union policies.
By focusing on the nation’s economy and celebrating it as strong, Biden is asking voters to “not believe their lying eyes.”
It’s true the unemployment rate is low and millions of jobs have been created in recent years, but it was part of the COVID-19 recovery.

The Bidenomics Blather Andy Kessler, Wall Street Journal Opinion: "I suppose what I find most distasteful is the 'government knows all' attitude. These technocrats are control freaks trying to micromanage chips and electric vehicles and energy and gas stoves. ... I wouldn’t trust these folks to run a lemonade stand. They would organize middle schoolers via collective bargaining, freeze prices, institute $25-an-hour 'fair' wages, cap sugar levels, place tariffs on 'flavored drinks' from other neighborhoods and then tax parents to subsidize the inevitable losses. Meanwhile, the press squeals with delight. On cue, a piece on the front page of a recent Sunday New York Times ran online with the headline 'Why It Seems Everything We Knew About the Global Economy Is No Longer True.' The piece all but declared free markets dead because 'globalization hastened climate change and deepened inequalities.' So, government to the rescue."

The Failure of 'Bidenomics' Editorial Board, Washington Times: "In a (June) campaign speech... Mr. Biden basically told voters not to believe their lying eyes, spouting cherry-picked statistics that paint the economy as rosier than it really is. 'We created 13.4 million new jobs,' Mr. Biden boasted. Not true. The US has gained roughly 2 million jobs since before the pandemic hit. The job recovery began under former President Donald Trump, who oversaw the recovery of 16.6 million jobs. Mr. Biden confuses 'jobs created' with 'jobs recovered.' Moreover, Republican-led states are the ones creating jobs and leading the economic recovery. The latest state jobs report shows that eight of the top 10 states for jobs recovered since the COVID-19 pandemic began are led by Republican governors, and all 10 states have Republican-controlled legislatures. ... (But) Fifty-seven percent of Americans are living from paycheck to paycheck. Total credit card debt has increased 28% under Mr. Biden’s watch."

One more opinion piece from the Right: Bidenomics Is a Big Bust Stephen Moore, RealClearPolitics

LEFT-LEANING SENTIMENT

Slowly, but Surely, Biden Is Righting the Ship

In terms of growth and job creation — not to mention the president can’t run from the economy — this is a smart strategy from Biden.
Biden’s right to boast about his economic accomplishments, but must do more to build public support for his government-forward ideas.
The economy may be in better shape come the summer and fall of 2024 but it’s currently a losing message due to soaring inflation.

How 'Bidenomics' Looks In a Year Is What Matters Doyle McManus, Los Angeles Times: "That sales pitch will be an uphill struggle. Most Americans aren’t just skeptical that the economy is recovering, they’re downright pessimistic. ... But even though most voters consider it a strike against him, it’s smart politics for Biden to claim ownership of the economy. For one thing, it’s an issue no presidential candidate, especially an incumbent, can avoid. ... For another, the facts are slowly rallying to Biden’s side. The economy is growing by about 2% a year, job creation remains strong and — most important from a political standpoint — inflation has eased to 4% from last year's peak of 9%. After two years in which prices were rising faster than wages, real incomes are slowly growing again. ... the Labor Department reported 209,000 new jobs were created in June. White House officials have expressed frustration at voters’ failure to notice — let alone celebrate — those upbeat numbers."

Building on Bidenomics Felicia Wong, Washington Monthly: "In late June, the president gave a major speech championing his economic policies, embracing a label that his critics had once used derisively: 'Bidenomics.' Joe Biden’s address was as much a political statement as an economic one. He must convince a public steeped in Reaganomics—small government, low taxes, and antagonism toward anything federal—that a muscular, government-forward approach is the best way to grow our economy, make it more equitable, and build a decarbonized future. The president must overcome cynicism that anything good is happening in the economy and make a case for what comes next. If this political dynamic doesn’t change, Bidenomics could become a cudgel used by Republicans to browbeat Democrats. This would be a near-term headache for the party but a long-term tragedy if the president’s welcome economic strategy were thrown out before it could fully flower."

One more opinion piece from the Left: Why going all in on ‘Bidenomics’ is flawed Douglas Shoen, The Hill Op-ed

FLAG THIS

Biden’s Economic Push Is an Uphill Battle

Polling conducted late last month found just one in three (34%) Americans approve of President Biden’s economic leadership.

That’s lower than his 41% overall approval rating.

Among Democrats, while 72% approve of Biden overall, just 6 in 10 back his economic policies.

Just 1 in every 10 Republicans said they approve of Biden or his economic leadership (AP-NORC).

Who would you trust more on the economy?

FLAG FINDS

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WATERCOOLER

John F. Kennedy Nominated, One Seltzer to Rule Them All, Learn Something New Every Day

On This Day in 1960: In Los Angeles, California, Senator John F. Kennedy of Massachusetts is nominated for the presidency by the Democratic Party Convention, defeating Senator Lyndon B. Johnson of Texas. The next day, Johnson was named Kennedy’s running mate by a unanimous vote of the convention.

Slate: One Seltzer to Rule Them All

Vox: How to learn something new every day

Today I learned about ''The strongest man in the world'' Croatian Marijan Matijević who pulled two cargo ships with his hands through New York harbour and prevented an airplane from taking off by holding it with a rope. He helped Nikola Tesla when he needed funding and was known for various humanitarian acts.

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