Former Ronald Reagan economist Larry Kudlow utterly destroyed Joe Biden’s lies about how well Bidenomics is working for America.
Last week, Biden spoke in Chicago about his economics plan, saying “I knew we couldn’t go back to the same failed policies when I ran, so I came into office determined to change the economic direction of this country, to move from trickle-down economics to what everyone on Wall Street Journal and Financial Times began to call ‘Bidenomics.'”
“And guess what? Bidenomics is working,” Biden continued. “When I took office, the pandemic was raging and our economy was reeling, supply chains were broken, millions of people unemployed, hundreds of thousands of small businesses on the verge of closing after so many had already closed — literally, hundreds of thousands on the verge of closing.”
“Today, the U.S. has the highest economic growth rate, leading the world economies since the pandemic. The highest in the world.”
As is his habit, every word of that is a lie.
According to Statista, India’s GDP growth rate in 2022 was 6.8 percent, Canada’s was 3.4 percent and China’s was 2.99 percent, while in the U.S. it was 2.1 percent. And the most recent growth rate was 2 percent.
Biden said that the economy was reeling when he took office and he has now fixed it.
Kudlow, though, said Biden’s numbers are all bunk. The GDP growth rate when Trump left office was 6.5 percent. CNBC reported it at 6.3 percent during the first quarter of 2021 before Biden’s policies began to kick in.
“After Joe Biden’s $2 trillion American Rescue Plan, which was his landmark policy, a 6.5 percent economy delivered by Donald Trump sputtered to a 1 percent growth rate in Biden’s first full year, 2022 and early 2023,” Kudlow said.
“And after Trump hand-delivered a 1.4 percent inflation rate, under Bidenomics, it soared to a 9 percent inflation rate, which destroyed family affordability and worker income,” he said.
“Joe Biden may be attacking Reaganomics, but think of this: After Ronald Reagan’s tax cuts went into place in 1983, the economy grew at 6 percent at an annual rate for the next two years,” Kudlow continued. “Not 1 percent. Six percent.”
“And then after a second round of tax cuts in 1986, the economy grew at a 5 percent annual rate for the entire seven-year period of his presidency from 1982 to 1989.”