Voters Resoundingly Reject ‘Bidenomics’

Inflation Rose Again In October, Still Higher Than The Fed’s Target Rate

‘Prices Are Still Rising’

“The Consumer Price Index, released on Wednesday, climbed 2.6 percent from a year earlier, higher than September’s 2.4 percent. And after food and fuel prices were stripped out to give a better sense of the underlying inflation trend, ‘core’ inflation held steady at 3.3 percent.” (“Inflation Ticks Up, as the Fed’s Victory Remains Incomplete,” The New York Times, 11/13/2024)

·       “[P]rices are still rising, even if less dramatically, and price levels are much higher than they were just a few years ago. That has left many consumers feeling like they are still struggling to catch up.” (“Inflation Ticks Up, as the Fed’s Victory Remains Incomplete,” The New York Times, 11/13/2024)

“The bulk of October’s monthly increase was driven by a rise in shelter costs, which were up 0.4 percent last month and grew by 4.9 percent annually. Prices for used cars and trucks, airline fares and medical care also increased in October.” (“Right Before The Election, Inflation Rose To 2.6 Percent Annual Rate,” The Washington Post, 11/13/2024)

·       “[T]here were also some items that registered significant increases in prices last month. Prices for used cars and trucks, for example, rose a seasonally adjusted 2.7% from a month earlier, while airline fares rose 3.2%.” (“Inflation Stays Firm, But Not Enough To Derail December Fed Cut,” The Wall Street Journal, 11/13/2024)

“And prices for some important everyday necessities for Americans, including house prices, rent and child care, remain elevated.” (“Right Before The Election, Inflation Rose To 2.6 Percent Annual Rate,” The Washington Post, 11/13/2024)

‘We’re Sort Of Moving Sideways’

“Still, for the Federal Reserve, the report serves as a reminder that inflation has cooled significantly from its 9.1 percent peak in 2022, but is not yet completely stamped out.” (“Inflation Ticks Up, as the Fed’s Victory Remains Incomplete,” The New York Times, 11/13/2024)

·       “‘We’re sort of moving sideways,’ said Omair Sharif, founder of Inflation Insights, noting that the latest data would probably keep Fed officials watchful.” (“Inflation Ticks Up, as the Fed’s Victory Remains Incomplete,” The New York Times, 11/13/2024)

The Cumulative Effect Of Inflation Since President Biden And Vice President Harris Took Office Has Americans Paying Significantly Higher Prices For Food, Energy, Transportation, Housing, And More

Since President Biden and Vice President Harris took office, inflation has increased 20.67%. (Bureau of Labor Statistics, Accessed 11/13/2024)

·       Grocery (food at home) prices have increased 22.25%. (Bureau of Labor Statistics, Accessed 11/13/2024)

·       Prices for food away from home have increased 24%. (Bureau of Labor Statistics, Accessed 11/13/2024)

·       Energy prices have increased 32.9%. (Bureau of Labor Statistics, Accessed 11/13/2024)

·       Prices for fuel oil have increased 38.94%. (Bureau of Labor Statistics, Accessed 11/13/2024)

·       Gasoline (all types) prices have increased 35.84%. (Bureau of Labor Statistics, Accessed 11/13/2024)

·       Natural gas prices have increased 25.2%. (Bureau of Labor Statistics, Accessed 11/13/2024)

·       Electricity prices have increased 30.3%. (Bureau of Labor Statistics, Accessed 11/13/2024)

·       Rental prices for a primary residence have increased 23.4%. (Bureau of Labor Statistics, Accessed 11/13/2024)

·       Prices for used cars and trucks have increased 19.43%. (Bureau of Labor Statistics, Accessed 11/13/2024)

·       Prices for new vehicles have increased 18.6%. (Bureau of Labor Statistics, Accessed 11/13/2024)

·       Furniture prices have increased 14.01%. (Bureau of Labor Statistics, Accessed 11/13/2024)

·       Apparel prices have increased 13.07%. (Bureau of Labor Statistics, Accessed 11/13/2024)

·       Airline fares have increased 32.42%. (Bureau of Labor Statistics, Accessed 11/13/2024)

‘The Experts Said The Economy Was Doing Great. Everyday Americans Disagreed’ And Inflation Proved To Be ‘One Of Democrats’ Chief Liabilities’

‘Dismay About Inflation Was Obvious At The Polls Last Week’

“Why did Donald Trump defeat Kamala Harris? One answer was clear even before Election Day: Voters consistently said the economy was their top issue, driven primarily by concerns about inflation.” (“How Inflation Shaped Voting,” The New York Times, 11/08/2024)

·       “Widespread voter anger about the economy appeared to boost former president Donald Trump in Tuesday’s election, emerging as one of Democrats’ chief liabilities…” (“Voter Anger Over Economy Boosts Trump In 2024, Baffling Democrats,” The Washington Post, 11/06/2024)

·       “Dismay about inflation was obvious at the polls last week, as voters ousted Democrats and elected Donald J. Trump to the White House. Both surveys and exit polls showed that the economy and inflation were major concerns for Americans as they headed into the election.” (“Inflation Ticks Up, as the Fed’s Victory Remains Incomplete,” The New York Times, 11/13/2024)

‘Roughly 40% Of Voters Said The Economy Was Their Top Issue, Far Outstripping Any Other Issue’ 

“The experts said the economy was doing great. Everyday Americans disagreed. Roughly 40% of voters said the economy was their top issue, far outstripping any other issue, and those voters favored Donald Trump by 60% to 38%.” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

·       “Many weren’t thinking about the streak of robust economic growth or the Federal Reserve’s potential soft landing when they voted, but their grocery bills and out-of-reach ambitions.” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

“A whopping 96% of voters said ‘high prices for gas, groceries and other goods’ were a factor in their vote, according to AP VoteCast.” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

·       “Inflation likely shaped negative voter perceptions of the economy and helped fuel anger toward the party in power … experts told ABC News. The political potency of inflation stems from the visceral, recurring sense of unease caused by high prices, experts added. That feeling leaves voters insecure about their future and desperate for a leader who can change the nation’s course.” (“Why Inflation Helped Tip The Election Toward Trump, According To Experts,” ABC News, 11/08/2024)

“Two-thirds of voters rated the economy as ‘not so good’ or ‘poor,’ compared to just one-third who rated it as ‘excellent’ or ‘good,’ according to network exit polls. Of the voters who rated the economy negatively, 69 percent voted for Trump — a significant margin.” (“Voter Anger Over Economy Boosts Trump In 2024, Baffling Democrats,” The Washington Post, 11/06/2024)

·       “More than two-thirds of voters say the economy is in bad shape, according to the preliminary results of an ABC News exit poll.” (“Why Inflation Helped Tip The Election Toward Trump, According To Experts,” ABC News, 11/08/2024)

·       “[R]oughly 70 percent of Hispanic voters nationally rated the economy as either ‘not so good’ or ‘poor,’ and roughly 40 percent said the economy was a top-tier issue. A slim majority of Hispanic voters supported Trump, according to exit polls. Hispanic voters who said the economy was their top issue preferred Trump by a roughly 2-to-1 margin over Harris, the exit polls showed.” (“Voter Anger Over Economy Boosts Trump In 2024, Baffling Democrats,” The Washington Post, 11/06/2024)

“The recent run-up in prices has weighed on the hearts, minds and pocketbooks of Americans for years, but political leaders got an unexpected heavy dose of inflation anger just last week, as Republicans took the White House, the Senate and possibly the House. Three in 10 voters — including 6 in 10 voters for Donald Trump — said they were ‘falling behind’ financially, a 50 percent increase from 2020, according to AP VoteCast exit polls.” (“Right Before The Election, Inflation Rose To 2.6 Percent Annual Rate,” The Washington Post, 11/13/2024)

·       “More than half of voters said inflation had caused them a moderate hardship in the last year, while nearly one in four said it had caused a severe hardship. Those saying it had caused a moderate difficulty leaned somewhat more to Trump, 50% to 47%, but 73% of those calling it a severe hardship voted for the former president.” (“Hey Stupid, It Wasn't Just The Economy. It Was Inflation,” Reuters, 11/06/2024)

‘Many Americans Are Frustrated That They Can’t Afford To Buy A Home Or Start A Family. Fewer Believe That The American Dream Is Achievable’

“Americans are still feeling sticker shock from higher prices on everything from cleaning supplies to a cup of coffee that followed the pandemic. Their anger about the economy extended beyond prices to encompass wider discontent and anxiety over the future. Many Americans are frustrated that they can’t afford to buy a home or start a family. Fewer believe that the American dream is achievable.” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

‘High Prices Remain. Eggs Still Cost Nearly Triple What They Did Four Years Ago’

“The run of high inflation that followed the Covid pandemic made the economy a concern for a range of voters. Inflation shot up during the Biden presidency, and although it has cooled lately, prices remain far higher than they were when Trump left office. The Labor Department’s measure of consumer prices was nearly 20% higher this September than in January 2021...” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

“Inflation fell … but high prices remain. Eggs still cost nearly triple what they did four years ago. When people imagine an ideal end to inflation, they think of prices returning to normal. That hasn’t happened, and economists don’t expect it will. When the polling firm Morning Consult surveyed U.S. voters about inflation, they were comparing prices with those from 2020.” (“How Inflation Shaped Voting,” The New York Times, 11/08/2024)

“‘We are so tired. Everyone we know is so tired, like somebody’s foot has been on the American people’s chest for the past four years,’ said Amanda DiAntonio, a 36-year-old hair stylist who lives in Henderson, Nev., and voted for Trump.” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

From Grocery Prices, To Child Care, To Housing, ‘Many Voters Said The Economy As They Knew It Was Broken’

“The Wall Street Journal spoke to hundreds of Americans this year about their feelings on the economy. The interviews revealed a wide disconnect between official government data … and persistent pessimism among Americans. While Democrats touted the economy’s strength, many voters said the economy as they knew it was broken.” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

·       “‘The economy is everything,’ said DiAntonio, the hair stylist. ‘It’s the way we live. It all cycles back to how you feel in your everyday life.’ She blames Biden and Harris for not being able to afford things she said Americans once took for granted, such as buying a house or going on vacation.” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

“Sally Harris, 77, a retired lab tech from Lee’s Summit, Missouri, said she was in Aldi the other day, and her favorite chocolate peanut butter cookies that were once 99 cents are now $2.09. There’s no doubt, she said, that ‘costs are rising,’ which leaves her struggling on her fixed income.” (“Voter Anger Over Economy Boosts Trump In 2024, Baffling Democrats,” The Washington Post, 11/06/2024)

“Michelle and Christopher Cortazzo, who live in Glen Rock, N.J., and voted for Trump, said paying for child care was the breaking point for them. Michelle, a 38-year-old pharmacy consultant, said they pay $1,500 a month for their 4-year-old son’s daycare. ‘It feels wrong,’ she said. ‘We went to college, we worked really hard to move up in our careers, we’ve done what society tells us to do, but it feels like we’re punished for that.’” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

·       “Child-care prices have dissuaded the couple from having a second child … ‘If we had two, we would be living paycheck to paycheck, and that just terrifies me,’ said Christopher, 40, who works for a pharmacy-benefits company. ‘It’s almost a status symbol now if you can afford to have a big family. It’s way more impressive than having a fancy car just because you know how much that costs.’” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

“Home prices also shot up, making it harder and harder for many families to buy their first home. The National Association of Realtors’ housing affordability index, which incorporates median single-family existing-home prices, mortgage rates and median family incomes, shows homes are at their least affordable level since the early 1980s.” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

·       “A July Wall Street Journal/NORC poll of 1,502 U.S. adults found that 89% of respondents said owning a home is either essential or important to their vision of the future, while only 10% said homeownership is easy or somewhat easy to achieve.” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

Demarion Richey said he could have bought a home five years ago on his $50,000 salary as a restaurant steward in Las Vegas, but not today. ‘I tried to buy one and completely failed,’ said the 30-year-old.” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

‘Many Americans Also Feel Pinched By High Interest Rates’

“Many Americans also feel pinched by high interest rates. Federal Reserve data show that just before the central bank began raising rates in 2022 in its bid to cool inflation, the average rate on credit card plans was 14.6%. As of August, just before the Fed cut rates for the first time, it was 21.8%.” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

“Interest rates rose on car loans and mortgages. The average rate on a 30-year fixed mortgage climbed from less than 3% when Biden came into office to 7.8% last year, a multidecade high, according to Freddie Mac. It has since fallen to 6.7%.” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

Democrats’ Economic ‘Happy Talk Doesn’t Resonate With Most Americans’ And ‘It Turns Out Voters Really Dislike Inflation’

“Democrats have spent much of the past two years expressing frustration and bafflement over the country’s economic pessimism … But voters have been dour about economic circumstances since inflation peaked at 9 percent in 2022 — the fastest rise in prices in roughly 40 years.” (“Voter Anger Over Economy Boosts Trump In 2024, Baffling Democrats,” The Washington Post, 11/06/2024)

“[M]ore centrist and conservative economists have argued that voters had legitimate frustrations with the Biden economy, and that cheerleading its successes risked colliding with those frustrations.” (“Voter Anger Over Economy Boosts Trump In 2024, Baffling Democrats,” The Washington Post, 11/06/2024)

“‘This happy talk doesn’t resonate with most Americans,’ Mark Zandi, chief economist at Moody’s Analytics, said of the political messaging. ‘They’re still paying higher prices for many things they need to buy.’” (“How Trump Won the Economy-Is-Everything Election,” The Wall Street Journal, 11/06/2024)

“Even though inflation is lower now than it was in 2022, census data found that median household income is now lower than it was in 2019, according to Jason Furman, a Harvard economist who worked in the Obama administration and has at times been critical of Biden’s response to price increases. Furman also pointed out that the poverty, mortgage and unemployment rates are also higher than they were before covid.” (“Voter Anger Over Economy Boosts Trump In 2024, Baffling Democrats,” The Washington Post, 11/06/2024)

“‘It turns out voters really dislike inflation,’ said Brian Riedl, senior fellow at the Manhattan Institute, a center-right think tank. ‘Ultimately, voters focused heavily on their economic dissatisfaction, and that was primarily the result of an inflation rate that was unacceptable to them. It’s hard for your party to hold the White House when the inflation rate hits 9 percent under your watch.’” (“Voter Anger Over Economy Boosts Trump In 2024, Baffling Democrats,” The Washington Post, 11/06/2024)

“‘Inflation has a specific and special power in elections,’ Chris Jackson, senior vice president of public affairs for Ipsos in the U.S., told ABC News. ‘It’s something people see in their face every day -- every time they go to the grocery store or fill up their car.’ He added, ‘Inflation is present in people’s lives. It’s something they’re unhappy with and it’s something they rightly or wrongly blame on whoever is in charge.’” (“Why Inflation Helped Tip The Election Toward Trump, According To Experts,” ABC News, 11/08/2024)

FLASHBACK: BIDEN: ‘One Thing I’m Proudest Of Is, Remember When My Economic Plan Was Put Forward? A Lot Of The Mainstream Economists Said, “This Is Not Gonna Work.”’

‘This Is The Future Liberals Wanted’

 “This is the future liberals wanted. For years, economic thinkers on the left pushed for more government spending and urged the Federal Reserve to be less paranoid about inflation … and yet, Americans don’t seem very enthused. Because they really hate inflation.” (“Liberals Dreamed of This Economy For Decades. What If Voters Don’t Like It?” Politico, 2/16/2024)

‘The Original Sin Was The $1.9 Trillion American Rescue Plan’

 “Economists largely agree that the pandemic stimulus and other spending bills Mr. Biden signed over the past two years have added to inflation …” (“An Inflation-Driven Midterm Will Not Change Biden’s Economic Focus,” The New York Times, 11/10/2022)

 ·       “Many economists have suggested that President Joe Biden’s stimulus package in March 2021 intensified the inflation surge.” (The Associated Press, 7/12/2023)

 ·       STEVEN RATTNER, Former Obama Administration Counselor to the Treasury Secretary: “The original sin was the $1.9 trillion American Rescue Plan, passed in March [2021]. The bill — almost completely unfunded — sought to counter the effects of the Covid pandemic by focusing on demand-side stimulus rather than on investment. That has contributed materially to today’s inflation levels.” (Steven Rattner, Op-Ed, “I Warned the Democrats About Inflation,” The New York Times, 11/16/2021)

 ·       FORMER TREASURY SECRETARY LARRY SUMMERS: “I’m not sure that we would have the inflation if there had never been a pandemic and, even if there had been a pandemic, without the overwhelming stimulus that was applied well into recovery — during 2021.” (“Summers Says Pandemic Only Partly To Blame For Record Inflation,” The Harvard Gazette, 2/04/2022)

 ·       “‘The United States has had much more inflation than almost any other advanced economy in the world,’ said Jason Furman, an economist at Harvard University and former Obama administration economic adviser, who used comparable methodologies to look across areas and concluded that U.S. price increases have been consistently faster. The difference, he said, comes because ‘the United States’ stimulus is in a category of its own.’” (“Rapid Inflation Fuels Debate Over What’s to Blame: Pandemic or Policy,” The New York Times, 1/22/2022)

 ·       THE WASHINGTON POST’s FACT CHECKER: “[I]t’s generally believed that some inflation can be attributed to [Biden’s] covid relief bill.” (“Fact-Checking Biden’s Claims As He Seeks To Save His Candidacy,” The Washington Post, 7/10/2024)

Biden Claimed ‘One Thing [He’s] Proudest Of’ Was His Economic Plan, But His 2021 Spending Spree ‘Has Fueled Discontent Among Voters’ Because It Juiced Inflation

 PRESIDENT JOE BIDEN: “One thing I’m proudest of is, remember when my economic plan was put forward? A lot of the mainstream economists said, ‘This is not gonna work.’ Guess what? … I’ve made great progress, and that’s what I plan on doin’.” (ABC News, 7/05/2024)

 “The American Rescue Plan, which the Biden administration created and Democrats passed in March 2021, has fueled discontent among voters … Some Americans blame the law, which included direct checks to individuals, for helping to fuel rapid inflation.” (“Biden’s Stimulus Juiced the Economy, but Its Political Effects Are Muddled,” The New York Times, 6/18/2024)

 ·       “Often, [polls] indicate that only relatively small slices of the electorate believe Mr. Biden’s policies have helped them or their family financially.” (“Biden’s Stimulus Juiced the Economy, but Its Political Effects Are Muddled,” The New York Times, 6/18/2024)

 ·       “But Mr. Biden’s team also believed the law would be a clear political win for the president. That has not been the case, in part because economic research has blamed its spending at least in small part for the inflation surge that began in 2021.” (“Biden’s Stimulus Juiced the Economy, but Its Political Effects Are Muddled,” The New York Times, 6/18/2024)

‘That’s Bidenomics In Action,’ ‘Bidenomics Is Working’

 PRESIDENT BIDEN: “We’re replacing trickle-down economics with what everyone on Wall Street is referring to these days as ‘Bidenomics.’ And guess what? It’s working.” (President Biden, Remarks, 9/04/2023)

 ·       PRESIDENT BIDEN: “That’s Bidenomics in action.” (Jesse Lee, @JesseLee46, Twitter, 7/12/2023)

 “[In August 2023,] Biden gave a speech on Bidenomics in Prince George’s County, Maryland, in which he said: ‘For the first time in a long time, we’ve climbed out of our great economic crisis. It’s beginning to work for working people.’” (“Some Democrats Fear Bidenomics Branding Is Backfiring,” Axios, 10/1/2023)

 VICE PRESIDENT KAMALA HARRIS: “[T]hat, my friends, is called Bidenomics. (Laughs.) … And Bidenomics is working.” (Vice President Harris, Remarks, Seattle, WA, 8/15/2023)

 ·       VICE PRESIDENT HARRIS: “All that, ladies and gentlemen and everyone else — that is called ‘Bidenomics.’ That is called Bidenomics, and we are very proud of Bidenomics.” (Vice President Harris, Remarks, Washington, DC, 8/04/2023)

Schumer: ‘It’s Safe To Say That These Investments Paid Off’

SENATE MAJORITY LEADER CHUCK SCHUMER (D-NY): “America’s economy is growing, inflation is slowing, and Democrats’ agenda is delivering.” (Sen. Schumer, Remarks, 3/07/2024)

·       SCHUMER: “Three years later, it’s safe to say that these investments paid off, and that the American Rescue Plan put America and our economy on a path toward the historic recovery we’re witnessing today…. Critics argued that the American Rescue Plan would cause excessive inflation. Well, three years later, inflation has cooled to the lowest levels since the start of the pandemic, from nine percent to just below three percent, meaning the prices of things like groceries, appliances, car rentals, and airfares have all come down.” (Sen. Schumer, Remarks, 3/11/2024)