The headlines may proclaim “Bidenomics”, but Bidenomics is a chameleon. Its appearance, and therefore its meaning, depends on the background against which it is viewed.
Democrats want us to see spending on infrastructure, the environment, and industrial expansion, funded by taxes on business, the wealthy, and imports to protect American jobs.
But the majority of Americans, at the behest of Republicans, view Bidenomics against a background of inflation and looming recession.
Slashing the government’s credit rating only enhanced this darker view of Bidenomics.
What will be the true or final hue presented by the Bidenomics chameleon? Unsurprisingly, an economist would respond, “It depends”. Timing is literally everything.
The Administration spent extraordinary sums on programs that have yet to yield their results. The spending was front loaded, generating price increases. Price increases, along with a residual pandemic related apprehension of unemployment, leads Americans to perceive only the darker hues of the Bidenomics chameleon.
We, along with the President, are literally in a race against time. How will we perceive the color of the chameleon by November, 2024? I am Bob Evans, and that is my perspective.
