Sorry Joe, But It’s Bidenomics That Has Never Worked
‘Trickle-down economics has never worked.”
That’s what President Joe Biden says any time he’s talking about economic policy. Assuming our Octogenarian-in-Chief knows what he’s talking about, he’s guilty of what psychiatrists call projection.
Because it’s Bidenomics that has failed everywhere it’s been tried. At home. Abroad. Throughout history. And right now in states across the U.S.
Earlier this week in our What We’re Reading column, we linked to a multitude of stories that had been published detailing how Biden’s approach to economic policy — high taxes, heavy regulation, attacks on the rich and businesses, coddling criminals, and Biden-style graft and corruption — is ruining cities and states across the country (‘Blue-State’ Model Gets An ‘F’).
For years we have been documenting how Red states — conservative states that follow the pro-growth policies Biden derides as “trickle down” — have vastly outperformed Blue states. They suffered less during COVID because they didn’t embrace the left’s lockdown mania. They recovered faster because they rejected Biden’s get-paid-for-not-working policies.
(See, for example, Say, Looks Like That Supply-Side Stuff Works After All, The Great Divorce? 2.6 Million Fled Counties That Voted For Biden, and The Results Are In: Red States Won The COVID Fight, Hands Down.)
The past few days supplied ample fresh evidence of the failure of key Bidenomics principles in stories we linked to in that What We’re Reading column.
For example, the Oregonian reported that Multnomah County, which is home to Portland, lost $1 billion in income in 2020 and 2021 as residents fled the leftist paradise in the wake of riots and COVID lockdowns, and soak-the-rich policies, taking with them a substantial amount of tax revenue.
The Oregonian noted that the resulting loss of tax revenues could lead “to spending cuts as loss of income could result in cuts in government spending due to budget shortfalls as the state is heavily reliant on the high earners as a source of revenue due to Oregon’s personal income tax.”
Meanwhile, the Daily Mail reported on a MyEListings study that found that California and New York lost more than $640 million in combined income over those same two years as wealthy people fled Bidenomics enclaves, while “trickle-down” states like Texas and Florida saw a combined gain of $23 billion in taxable income.
As the online real estate portal notes, “the wealth migration to these states has profound economic implications,” in part because “relocating high-income individuals often leads to expanding existing businesses or establishing new ones.”
That truism was borne out this past week by local Fox affiliate in Baltimore, WBFF, which reported about how that city’s property values have plummeted as people fled the bitter fields of Bidenomics. A 30-story building sold last month for $24 million, WBFF noted, which was a third of what the same building fetched eight years ago. Another building, which is home to T. Rowe Price, saw its assessed value cut almost in half.
Biden’s precious middle class is also doing worse in Bidenomics states.
The Boston Herald noted last week how wages grew by just 2.6% in New York and 2.9% in California — which have gone full Bidenomics — but were up 9.1% in Florida and 7.7% in Texas. What’s more, “Florida and Texas both outperformed California and New York in manufacturing, finance, information, retail, and professional services.”
Of course, if you want evidence of the failure of Bidenomics, you only have to look at what it’s produced since Biden came into office. Falling wages. Sky high inflation. Financial stress. Our I&I/TIPP poll finds that most Americans agree that Bidenomics is not working.
And if you want evidence of the success of “trickle-down” economics, look at the Reagan boom, or the pre-COVID Trump boom. Or look internationally, where you find a direct relationship between low taxes and less regulation and other indicators of economic freedom — which all get lumped into the “trickle down” epithet — and general prosperity.
Biden apparently hopes that Bidenomics will be his salvation come next November. We hope it takes him down before it takes the entire nation down.
— Written by the I&I Editorial Board
https://issuesinsights.com/2023/08/04/sorry-joe-but-its-bidenomics-that-has-never-worked/
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