By Alfredo Ortiz, The Daily Caller News Foundation | October 6, 2023
Bidenomics is the worst branding fail since the New Coke debacle of 1985. Today’s September jobs report provides even more evidence of its failure. It shows that real wages declined over the last year when measured against core inflation. Over Biden’s term, real wages have significantly fallen, worsening living standards and making us poorer.
Inflation has increased by 17.4% since Biden took office. Mortgage rates are nearing 8%, and small businesses are paying double-digit interest on new loans — if they can get credit at all. These costs, which will only increase in the months ahead as the Federal Reserve is forced to continue hiking rates, erode small business profit margins and household budgets.
As a result of these Bidenomics, Americans face a cost-of-living crisis and a credit crunch. According to JCN’s most recent national SBIQ poll, half of small business owners say inflation is a top concern, and two-thirds are concerned about accessing credit due to rising rates.
As the Denver Post reported recently, “Finding a way to pay the monthly bills is forcing small-business owners to consider all options: from cutting back staff and hours of operation, to changing a business’ focus and raising prices, to moving into a smaller space, and even to making the difficult decision of closing up shop.”
No wonder only 28% of Americans are satisfied with the economy, according to a new NBC poll. The poll revealed Republicans hold a 21-point advantage over Democrats on the economy, the party’s largest lead in 32 years.
Yet Biden and his wealthy allies continue to tell Americans to believe their Bidenomics spin and not their own eyes. “For the first time in a long time, we’ve climbed out of our great economic crisis,” claimed Biden in a recent speech. “It’s beginning to work for working people.”
Biden and his allies play tricks like trying to count the backfilled post-pandemic jobs as ones the Biden administration created or taking a slice of Biden’s term to claim real wages are rising. Americans aren’t buying it.
Even some Democrats are beginning to turn on Bidenomics. “Dems pressure White House to change economic message,” reports Politico. “Several top Biden allies have privately raised concerns about the phrase to the White House.” Axios explains, “The Biden re-election campaign’s decision to brand the economy under the president’s name is looking like an early blunder that misread the public’s deep pessimism about how things are going on that front.”
While Bidenomics is a disaster for Americans, it’s a gift to Republicans. By tying himself to the inflationary economy with the Bidenomics name, Biden will get even more backlash from voters than usual for a president in a bad economy.
Coca-Cola almost destroyed its brand by changing its formula and branding to New Coke to try to capture the Gen X market. Customers hated it. Coke quickly reversed course and reverted to Coca-Cola Classic in only 77 days.
If only the public sector reacted that quickly to failure. Americans will have to wait at least another year to vote Bidenomics out on Election Day, setting the stage to return to the shared economic prosperity of 2017 to 2019. Bidenomics will do lasting damage to Democrats’ economic brand.
Alfredo Ortiz is president and CEO of Job Creators Network, author of The Real Race Revolutionaries, and co-host of the Main Street Matters podcast.
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