Jason Smith: The painful reality of Bidenomics

(From Eighth District Congressman Jason Smith)

On October 6, the Commerce Department announced economic statistics that exceeded expectations, with more jobs created in the month of September than analysts had predicted. 

But one jobs report doesn’t capture the reality of what life is like in today’s economy – where gas prices are on the rise, mortgage rates are the highest they’ve been in over 20 years, and families are experiencing the most painful cost-of-living crisis in decades.

Ever since President Joe Biden took office, it’s gotten harder and harder for Americans to put food on the table, clothes on their backs, and gasoline in their cars. 

What’s incredibly frustrating is that it didn’t need to be this way. From day one of the Biden administration, Republicans and even members of Biden’s own party warned that the Left’s wasteful spending spree would destroy the strong economic growth we had under President Donald Trump. Despite all the pain Americans are feeling every time they go to the grocery store or fill up the tank, Biden believes his economic agenda is something that should be celebrated.

During a speech in September to highlight his economic agenda – which he calls “Bidenomics” – the president boldly proclaimed, "For the first time in a long time, we've climbed out of our great economic crisis.” The president couldn’t be more out of touch. Clearly, Biden needs to spend more time talking with real Americans instead of kicking back on the beach outside his nearly $3 million home in Delaware.

The reality is that farmers, ranchers, and workers are struggling to make ends meet in today’s economy, the worst we’ve had in generations. Since Biden took office, the cost-of-living has skyrocketed by 17.4%, which is forcing working-class Americans to make incredibly difficult financial decisions every single day. Americans are spending $709 more per month to buy the exact same goods and services than they did just two years ago. And according to a new survey, 76% of Americans earning less than $50,000 a year were living paycheck to paycheck in July. But none of these facts come as a surprise to farmers, ranchers, and workers who, for nearly two years, have been feeling the pain of Biden’s economic agenda ever since he took office.

What’s interesting is that more of Biden’s allies are finally beginning to speak out about the failures of Bidenomics. In a story by Politico, the liberal-leaning D.C. media outlet wrote that one Democrat from Nevada “warned the White House that the Bidenomics brand is built on shaky ground.” And on CNN, David Axelrod, a top Obama administration aide, recently said, “… food prices, gas prices are still high, and that’s how people judge the economy.” 

While it’s refreshing that some of the president’s allies are beginning to speak the truth about Bidenomics, the damage has already been done and, sadly, more pain is in store for the American people thanks to the Left’s disastrous economic agenda.

It drives me crazy every time I hear Biden and the Left claim that Democrats are trying to help working-class Americans. Republicans are the only ones who are fighting for the men and women who work tirelessly from sun up to sun down to earn a paycheck. As the Left continues to waste hundreds of billions of tax dollars on special interest tax breaks for the wealthy, big banks, billion-dollar corporations, and foreign countries like China, I’m working around the clock to cut spending, get our economy back on track, and deliver for the working-class folks I’m incredibly proud to represent in Congress.