Biden abandoned the term Bidenomics for over a month. He’s now back at it, with Treasury Secretary Janet Yellen tooting his horn. 
Biden Drops the Term Bidenomics
From June through November 1, Biden used the term Bidenomics over 100 times. Then he stopped using it.
On December 6, I commented Biden Drops the Term Bidenomics, Republicans Would Be Wise to Use it Instead
It seems that Biden has lost faith in Bidenomics, but his staff hasn’t. The public had no faith to begin with.
“You say you lost your faith, but that’s not where it’s at
You had no faith to lose and you know it“In case you don’t recognize those lines, they are from Positively 4th Street, written many decades ago by Bod Dylan.
Bidenomics is Back!
Perhaps because he has nothing else, Bidenomics is back.
On December 20, Biden Pitched ‘Bidenomics’ to Black voters in Milwaukee
“When you increase the middle-class, the poor have a shot and the wealthy still do very well. The middle-class does well and we all do well. That’s what we call Bidenomics,” the president said, flanked by blue and green signs that read, “Bidenomics: America’s Small Business Boom.”
Some Democrats have wondered whether the White House should continue to use that slogan. A recent Wall Street Journal poll found the majority of those surveyed, 52%, had an unfavorable view of “Bidenomics,” while 29% had a favorable view.
Doubling Down With Janet Yellen
WSJ: “Why do you think there is this disconnect, and are you concerned about the fact that the administration’s message around ‘Bidenomics’ isn’t landing?”
Yellen: “The pandemic caused an enormous amount of disruption of people’s lives, and we’re still in the aftermath of what’s been a serious shock. And we’ve had serious global shocks. And, although prices are rising at a much slower pace than they were, inflation is substantially off its highs.”
“The level of prices of some things that people buy and are important to them are higher. A good example would be rents. Rents have gone up considerably.”
Bidenomics Is Working for the Middle Class
Yesterday, Janet Yellen had this Op-Ed in the Wall Street Journal: Bidenomics Is Working for the Middle Class
When you have done everything humanly possible to increase inflation and sow the seeds of more inflation, and when the best thing you can come up with is a lie, the fallback strategy of repeating the lie is all you can do.
Rate Cut Headwinds
- Global wage arbitrage and just-in-time manufacturing have reversed to inflationary onshoring and just-in-case manufacturing.
- Neither party will fix deficits and out of control spending.
- Trump’s tariffs and sanctions were hugely inflationary but Biden is much worse.
- Biden’s energy policy and regulatory madness is hugely inflationary.
- Retiring boomers need more medical care services. Their jobs are replaced by unskilled zoomers with a totally different work ethic.
- Massive wage increases in union contracts over a many year period and ongoing minimum wage hikes in many states.
For years I was one of the biggest deflationistas around.
But many factors supporting lower interest rates and lower inflation have changed 180 degrees from tailwinds to headwinds.
If inflation is transitory, then transitory to what?
For discussion, please see Huge Moves in the Yield Curve This Year, What’s Going On?
Regarding the huge inversion between 1 month and five years then strongly steepening: Could it be the bond market smells a short quick recession followed by a big inflation problem coming down the pike?
Government Accounts for Nearly 25 Percent of All Job Gains in 2023
Finally please note Government Accounts for Nearly 25 Percent of All Job Gains in 2023
That’s hardly a sign of sustainable strength.
Your article assumes that those numbers the swamp is reporting are actually true. The democrats and media are lying and everyone knows they are lying because they see their own budgets.
In 2021, nearly everyone I know in tech was laid off only to be rehired by the same compsny or other companies at LOWER pay all while prices went up. But the reports you are reading are saying wages went up – no they didn’t, the vast majority went down.
Everyone says the job market is strong, look online at all the threads in reddit, linked in or others about highly qualified people getting interviews at 1 in 2000 applications – those stories are everywhere and i have seen it across my own networks. Talk to the headhunters, they are frontline people who confirm the weak job market.
The reports say inflation is up 20-25% for the year but groceries are 150-200% more over the last 5 years. Rents are up between 80-100%, houses are up 70-150%, materials are up, pretty much everything is up but even that is not actually true because what IS true is that the value of the currency is down because there are ever more supply coming from ‘government’ printing.
I can’t believe peopke are so stupid, so financially forgetful and so poorly networked that they cannot see that Biden, the democrats, the fed and their media lackeys are all LYING. The numbers are LIES! The peopke can see the numbers in their own historical and current budgets and see it everywhere throughout the economy.
Why does it everyone keep scratching their head on the people’s sentiment vs numbers? It because the reported numbers are LIES!
“Voodoo Economics” was already copyrighted by Poppy. How about Satanomics?
This ‘soft landing’ thing is like a plane landing on a runway made of quicksand.
Or like the toilet bay doors of the aircraft, shortly after mealtimes during a long flight.
Plenty of reasons to despise Joe and his policies. But his economic record isn’t one of them. Sorry to disagree, Mish, but your partisanship is showing.
Yes, my “partisanship” is on clear display.
That is why I have been accused of TDS several hundred times. And partisanship is precisely why I wrote this just moments ago.
link to mishtalk.com
I am clearly the most partisan person in history
ha true daat, i stopped reading (mish) my fav financial commentator when he (you) got bad case of TDS. I’m glad to be back after the 3-yr hiatus!
Maybe you make too much money, but personally, inflation has KILLED me the past 3 years. And yeah, right, inflation has come down, but it’s still significant, and from much higher levels than in 2019. Luckily, I lived below my means previously, but now without changing anything except paying higher prices, I’m living above my means. Bidenomics sucks!
Bidenomics has killed anyone who rents. That’s 36% of the population. The Fed helped too.
But literally everything Biden does is begging for more inflation.
Price rises are not inflation; price rises are scarcity; inflation is the creation of more currency units at a rate faster than the actual growth of the economy. It’s not complicated, yet most “experts” frequently struggle with it.
You are mentally ill, even for a robot.
All Biden has is record high asset prices, very low unemployment,, inflation under control (gas under $3 here in NJ), rust belt manufacturing coming back somewhat and rebuilding infrastructure. Elections are won based on pocketbook issues and trump had us in a ditch. trump bankrupts all he touches.
…is the complete opposite of the truth.
Reminds me of snl “…Some people ask how do you make money? You give us 2 dollars, we give you a roll of nickels. It’s what we do”
Senator Fetterman is better for his state than CA gov Garet Newsom.
Newsome has much better head of hair, which is his real key to success.
“ye! and the hairy lizards shall inherit the earth!”, Revelations: 1-800.
Are you suggesting that the majority of his state’s citizens have Down’s Syndrome?
Bidenomic is back bc the Dow reached the line : 1929 to 2000 highs.
“No sticks no seeds that you don’t need. Acapulco Gold is….Bad Ass Weed.”
sometimes when I dont know what to do, I find that Biden my time until I can see more clearly is the best course of action……
Bidens on the storm
Bidens on the storm
Into this house we’re born
Into this world we’re thrown
Like a dog without a bone
An actor out on loan
Bidens on the storm
There’s a killer on the road
His brain is squirmin’ like a toad
Take a long holiday
Let your children play
If you give this man a ride
Sweet memory will die
Killer on the road, yeah
US fiscal policy should get an F, which is, as you note, a bipartisan „achievement.“ The rest of the scoresheet doesn’t look bad at all for Biden. The real economy is in good shape (certainly vis-a-vis every other G7 economy). The rise in government employment is at the state and, overwhelmingly, the local level, the yield curve looks in line with almost perfectly anchored 2% inflation expectations, and Biden hasn’t done anything about bad about tariffs. The stock market is happy; oil and gas production is at a historic high; and consumer confidence is rising. And what about median real wages? Same disappointing trend we have seen over the last 50 years (Trump also no impact on that trend despite his relentless boasting (or lying)). If there wouldn’t be this partisan craziness in the US when looking economic data, Americans would actually feel pretty good. But half of the country wants to feel bad because Biden is in the White House.
The rest of the scoresheet…? The unprecedented illegal mass immigration and human trafficking with CCP agents and gangmembers and drugdealers and disease carriers and other associated unchecked criminals… the life-wrecking fentanyl imports… the failed proxy war against Russia… the jacking up of energy and food prices globally, and seizing up of world trade due to that failed money-laundering/insider-trading war, and the subsequent throttling of the Suez canal… the pandemic disaster… the underage sexing and hard drugtaking and bribery and the blocking of investigations into it by the coopted lying media… the lying “J6” fantasy, and subsequent banana-republic style lawfare to manipulate the next election.
…the stockmarket bubble, the falling oil and gas production, the collapsing consumer confidence, the unaffodability of housing of all kinds, and the destruction of wage growth, and the lying of Democrats and their media, the lack of invrestigation of the BLM insurrection and the murders of innocent people during riots incited by Democrat politiicians… yeah apart from that…? “in good shape” to slide down the toilet further.
What else can he do? Abandon the charade that he will be able to physically and cognitively be able to be President and step aside. As an escapee from California, I deeply disagree with the idea of Newsome or Harris ever being President, but let’s at least acknowledge Biden will not be fit to serve another term.
Sounds like a remake of a western: “The bad, the ugly, and the demented”?
LieNomics.
He has definitely been inconsistent with use of the term Bidenomics. Can’t really blame him since his favorability ratings are dropping whether he uses the term or not.
Bidenomics is a $20.00 combo meal at San Francisco McDonald’s.
“Big”mac, medium fries, medium coke.
President Biden and his team have a real challenge to translate the relative outperformance of the U.S. economy and inflation decline compared to every other democratic country advanced economy in the world, the historically large infrastructure investment, the largest ever legislatively authorized renewable energy investment, and the largest investment in new manufacturing plant and equipment in generations. The key term is INVESTMENT. Bidenomics is heavy on investment and as with any investment, the gains and dividends are not front-end loaded. The Biden administration has a very strong economic record, but it requires voters with more than a ten-second attention span to understand just how good this administration’s economic accomplishments are.
So it’s the voters short attention span that explains why Bidenomics/Biden doesn’t resonate with the American people. Wow!!!
Insulting the opposition’s voters is always such a welcome fallback, eh? I love being called a Deplorable and some other nasty, false, name. I don’t need subterfuge and ack ack thrown at me like octopus ink–I can see the Bidenomics in the squeeze on my finances in every product and service I purchase and in every illegal immigrant clogging the ER hallways I was just in last evening, preventing 50 year workers and payers for getting access to care they paid for. Telling me my attention span is 10 seconds and I need to trust the years-long process towards my prosperity which perpetually eludes me due to bad policy is especially grating. As if I will now go, “shucks, I’s guesses me too dumb fer theez polisees goodness cuz Curt told me me’s too stupid, i just need to be more pashent”.
There’s nothing transitory about this inflation when much of the “Inflation Reduction” Act’s inflationary policies are yet to be felt. If inflation simply moves back towards 2-3% we just endured a 25-30% inflationary step-change whose impacts cannot be absorbed perpetually by the middle and lower class that cannot afford a house and increasingly are pinched by rent. But hey, keep telling me i have a 10 second attention span, that oughta get me to go your way!
Bill, I don’t know what your attention span is, but when I talk to a variety of people they do not know that we are the best-performing advanced democratic nation in the world in terms of low unemployment, economic growth, and the reduction in inflation since the end of 2021, I must assume that there is an attention span issue at large. When I talk to the same people who earlier last year were blaming the administration for $5 gasoline and earlier this year for $5 eggs, but today never mention gasoline or eggs, but instead are complaining about the cost of blueberries and cereal, I have to wonder what is going on. The electorate has complained about wasteful spending in DC and not nearly enough investment in roads, bridges, and airports, but when they get the largest infrastructure legislation in their lifetime, they act like it never happened. You can not like the inflation that we experienced over the last three years following the pandemic, but you cannot pin it on the Biden Administration because the inflation that we experienced also occurred, and at high levels, in the UK, Germany, Canada, and every other advanced democratic nation in the world. How do you blame Biden for lower inflation, stronger economic growth, and lower unemployment than peer economies around the world over the same period? To me, it sounds like many people just need someone to blame. Sometimes there is no one to blame, shit just happens.
Surely you should adjust your moniker to “Caught Staffer”?
The snake-oil and gaslighting bots are deployed on this site, we see.