Critique of President Biden's Economic Strategy (Bidenomics)
President Joe Biden's economic strategy, known as Bidenomics, is criticized for creating only 160,000 extra jobs for Americans per year while generating jobs for 4.7 million migrants, including nearly three million illegal immigrants. The policy also increased the national debt by $8 trillion and negatively impacted wages, housing costs, and workplace investment.
Key Points
- Bidenomics created 7.3 migrant jobs for every job gained by an American
- Deliberately favored importing migrants over helping ordinary Americans find high-productivity jobs
- Resulted in a significant share of U.S.-born men not in the labor force
- Bidenomics favored more migration to expand the national pool of consumers, workers, and renters quickly
- Reduced pressure on employers to invest in productivity improvements
Cons
- Created only 160,000 extra jobs for Americans per year
- Generated jobs for 4.7 million migrants, including nearly three million illegal immigrants
- Increased the national debt by $8 trillion
- Negatively impacted wages, housing costs, and workplace investment