OPINION: This article may contain commentary which reflects the author's opinion.
Rep. Nancy Pelosi claimed over the weekend that President Joe Biden’s economic policies, colloquially known as “Bidenomics,” were actually working, even if ordinary Americans couldn’t tell.
But that’s only because Biden hasn’t really done enough to inform American wage-earners of how well his policies are doing, the former House speaker told CNN host Dana Bash on Sunday.
During the interview, Bash presented a range of positive economic metrics she believed reflected well on the Biden administration. She then raised the question of why these numbers did not seem to align with the sentiment of Americans as reflected in polling about the economy, the Daily Wire reported.
“Well, a lot of it’s about messaging, of course,” Pelosi said. “I’m so proud of this president.
“In the two years that we were in the majority working with him, he broke all records, on the level with a Lyndon Johnson or a Franklin Roosevelt, in terms of the caliber of legislation that he passed for the good of the people, lowering prescription drugs, again, cutting in half – as you indicate, cutting in half unemployment,” she added.
According to Pelosi, the perceived success of the administration “has to be messaged” to the American people, even if the reality does not necessarily match the messaging from the Biden administration.
“This president did such a remarkable job,” Pelosi noted. “He is a person of such knowledge, such vision for the country, such knowledge of the issues, such strategic thinking, and such a legislator, and, on top of it all, a person who connects with the American people.”
“He just has to get out there,” she claimed. “It’s a busy job being president. I can say that as a speaker. You’re doing your work. But he’s just going to have to make sure the American people know at that kitchen table what this means to them, in terms of jobs and pay, reducing inflation.”
Republicans and other critics of the administration counter that many of Biden’s policies — particularly those related to ‘green energy’ initiatives — have actually harmed average wage earners. Gasoline, for instance, climbed to record or near-record levels shortly after he took office and began implementing anti-fossil fuel industry policies. And at present, prices per gallon are, on average, still $1 or more higher than when former President Donald Trump left office.
The increased cost of energy and fuel has led to an increase in the cost of producing and transporting everything else consumers are reliant upon. Food prices are much higher than when Trump was in office, and inflation surpassed double digits under Biden and his Democratic congressional majority and is still high.
WATCH:
Pelosi gushes over Biden:
“He is a person of such knowledge, such vision for the country, such knowledge of the issues, such strategic thinking … and on top of it all, a person who connects with the American people.” pic.twitter.com/KrwqnvtZRT
— The Post Millennial (@TPostMillennial) July 23, 2023
In terms of unemployment, Republicans note that the vast majority of employment gains under Biden are the result of tens of millions of Americans returning to work after being sidelined by pandemic-related business shutdowns and closures.
Finally, interest rates have more than quadrupled under Biden as the Federal Reserve was forced to raise them to counter what many critics viewed as Biden’s inflationary policies, such as mass spending at a time when the supply chain was dramatically strained due to the pandemic.
In fact, according to a Monday report by Fox Business, high home mortgage rates are liable to linger for years.
A new forecast from Moody’s Analytics predicts that property values in the U.S. are set to experience a 2.4 percent decline next year due to the continued impact of mortgage rates on the real estate market, the outlet reported.
“While maturing millennial households drive housing demand, the doubling of U.S. mortgage rates is causing notable retreats in certain markets, mainly in western states,” the analysis said.
Separately, a Fox Business poll taken in South Carolina ahead of the primary over the weekend found that the number one concern among GOP voters, by far, is the economy, with 51 percent saying so.
