The White House stopped using the phrase 'Bidenomics' to promote President Joe Biden's policies after polls showed Americans aren't buying the sunshine-and-roses outlook. Less than six months until Election Day, Biden's economic approval ratings are historically low. Even Wall Street has taken note, with the markets recently tumbling after persistent inflation weakened the Federal Reserve's appetite for interest rate cuts.
While the Biden administration may be running from 'Bidenomics,' Republicans insist Bidenomics will still be on the ballot this fall. "We know what Biden will do in a second term, because he's released a blueprint," says Congressman Jodey Arrington (R-TX) in a recent interview on Fox Business. "(Biden's) budget doubles down on the cradle-to-grave welfare expansion, he doubles down on expanding mandatory spending by almost three trillion dollars, he also doubles down on taxes and regulations, and things that are suppressing our growth."
It's not just Republican lawmakers predicting a spending and debt boom in a second Biden term. The Congressional Budget Office also projects an explosion in our budget deficit in the next decade. Arrington tells Fox it's all about the current policies, and whether Americans want to continue them. "This spending now, which is over six trillion, and a third of which is borrowed at about two trillion a year...that will double in ten years," he says. "And the interest payments are now the third largest expenditure in the budget...which is more than we spend on national defense."
"I would suggest that this government is way too big."
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