On Tuesday, former Congressional Budget Office Director Douglas Holtz-Eakin criticized Bidenomics during an appearance on Fox News, saying that it prioritizes a “narrow few” while everybody else falls further behind.
Holtz-Eakin’s comments come after President Biden released a video on X, formerly Twitter, in which he made numerous false claims to support Bidenomics.
“These are big cost increases that will have to get passed on to consumers,” he said, according to RealClearPolitics. “This is Bidenomics in action. A narrow few of favored classes get ahead. Everybody else pays higher prices and they fall further behind. That’s why it’s not generally popular. You’ve got to have something that is broad-based, real growth for everybody and they don’t have anything like that. Everything they do picks winners and losers and there are a lot of American losers out there that are not happy about this.”
It should be noted that real wages of American workers have fallen by 3% since Biden began his presidency in January of 2021.
Holtz-Eakin continued, “You can’t have it both ways. The low unemployment rate, the rapidly rising labor costs are part of an overstimulated economy that traces to the American Rescue Plan, forced the Fed’s hand for record increases in rates. You don’t get credit for that unemployment rate when it’s a symptom of the problems created by overstimulus and bad fiscal policy.”