https://sputnikglobe.com/20230630/bidenomics-alternative-to-trickle-down-economy-or-a-war-on-the-poor-1111581640.html
'Bidenomics': Alternative to 'Trickle-Down' Economy or a 'War on the Poor'?
'Bidenomics': Alternative to 'Trickle-Down' Economy or a 'War on the Poor'?
Sputnik International
US President Joe Biden coined the phrase "Bidenomics" this week, claiming his policies beat Republican 'trickle-down' economics. Mark Frost and Todd "Bubba" Horowitz said the Democrat's plan fed the rich while starving the poor.
2023-06-30T18:03+0000
2023-06-30T18:03+0000
2023-06-30T18:03+0000
economy
joe biden
us
economics
ronald reagan
republican
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Two economic pundits say the US president's "Bidenomics" plan is a "war on the poor" that only helps the wealthy.In a speech on Wednesday, Joe Biden touted the success of "Bidenomics", saying: "I didn’t come up with the name... But I now claim it."He claimed the US had "the highest economic growth among the world’s leading economies since the pandemic" and that his government had created 13 million new jobs even as inflation soars and recession looms as a result of its sanctions on Russia.Biden also repeatedly attacked the "trickle-down" economics espoused by late Republican president Ronald Reagan in the 1980s, claiming it had failed.Economist Mike Frost told Sputnik that Reaganite-style supply-side economics were merely "an acceptance of reality."Biden said his economic plan was to "strengthen the middle class" — defined in the US as middle-income workers paying mortgages on their homes who enjoy perks to their salaries such as health insurance.The economist doubted that the Democrat president knew what he wanted to do."Go look at the data," he said. "It's a war against the poor, whether it's inflation, whether it's all of the legislation that they've been doing. The worst of the burden of Bidenomics has been put on the poor."Todd "Bubba" Horowitz told Sputnik that Biden's economic plan "is a horrible plan.""He's done a horrible job as a leader for the middle class, which is the biggest, well, used to be the biggest part of this country. And it's going to be a disaster."The market strategist said the White House could not be trusted when it claimed to have the economic crisis under control. The market expert blamed the recession on the Biden administration's environmental polices and its attempt to buy votes through welfare and social spending.For more cutting-edge commentary on the day's events, tune in to Sputnik Radio.
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us president joe biden hails 'bidenomics', reagan-era supply-side trickle-down economics, can the us government buy its way out of recession with social spending?
us president joe biden hails 'bidenomics', reagan-era supply-side trickle-down economics, can the us government buy its way out of recession with social spending?
'Bidenomics': Alternative to 'Trickle-Down' Economy or a 'War on the Poor'?
US President Joe Biden coined the phrase "Bidenomics" this week, claiming his policies were more equitable and effective than Republican 'trickle-down' economics. But economist, professor and consultant Mark Frost and Todd "Bubba" Horowitz, chief market strategist of BubbaTrading.com, said the Democrat's plan fed the rich while starving the poor.
Two economic pundits say the US president's "Bidenomics" plan is a "war on the poor" that only helps the wealthy.
In a speech on Wednesday,
Joe Biden touted the success of "Bidenomics", saying: "I didn’t come up with the name... But I now claim it."
He claimed the US had "the highest economic growth among the world’s leading economies since the pandemic" and that his government had created 13 million new jobs even as
inflation soars and recession looms as a result of its sanctions on Russia.
Biden also repeatedly attacked the "trickle-down" economics espoused by late Republican president Ronald Reagan in the 1980s, claiming it had failed.
Economist
Mike Frost told Sputnik that Reaganite-style supply-side economics were merely "an acceptance of reality."
"You don't have to get into a bunch of fancy economic language," Frost argued. "Just ask yourself this: any time you wanted a job, did you go ask a poor person or a wealthy person for a job? It's a simple question. Almost everybody doesn't go ask crackhead Bob for a job because crackhead Bob doesn't create any jobs."
Biden said his economic plan was to "strengthen the middle class" — defined in the US as middle-income workers paying mortgages on their homes who enjoy perks to their salaries such as health insurance.
The economist doubted that the Democrat president knew what he wanted to do.
"I wished, I believed he knew what he was doing. At least I can say, 'oh, he's evil,' or 'he is purposely doing something that is literally waging war against the poor,' because that's what this entire administration has been doing," Frost said.
"Go look at the data," he said. "It's a war against the poor, whether it's inflation, whether it's all of the legislation that they've been doing. The worst of the burden of Bidenomics has been put on the poor."
Todd "Bubba" Horowitz told Sputnik that Biden's economic plan "is a horrible plan."
"He's done a horrible job as a leader for the middle class, which is the biggest, well, used to be the biggest part of this country. And it's going to be a disaster."
The market strategist said the White House could not be trusted when it claimed to have the economic crisis under control.
"Prices are going through the roof. Inflation is nowhere near being under control," Horowitz said. "But of course, the way that they count inflation when only four per cent is for food and energy, it's easy to say 'Well, we're really not in a recession'. We can't continue to believe or follow what government tells us because it's false."
The market expert blamed the recession on the Biden administration's environmental polices and its attempt to buy votes through welfare and social spending.
"He never really has a plan of action except when he decides to, for example, shut down the fracking and shale producing in this country, which is the biggest cause for all this massive inflation that we're seeing," Horowitz said. "Instead of putting together a real plan, we're more worried about the debt ceiling. That's part of Bidenomics: that's spend more money to try to buy more votes so that we can continue to maintain ourselves in office."
For more cutting-edge commentary on the day's events, tune in to Sputnik Radio. 
