‘Bidenomics Is Baloney’: Former Trump Admin Official Reacts To ‘Soggy’ Jobs Report

“President Biden called it ‘Bidenomics’ in action. Well, I guess it was, because it was a very soggy and underwhelming report,” Kudlow, a former Trump administration economic advisor, said. “So non-farm payrolls came in well below expectations by rising 209,000, but even that was the lowest since December 2020. Now hang on a second. The prior two months were revised down by 110,000. So, actually, we saw only a 99,000 new job gain in June. That is a very poor number.”

Biden embraced the term coined by the Wall Street Journal to describe his economic policies during a June 28 speech in Chicago.

Kudlow blasted Biden over signing legislation like the Inflation Reduction Act, which outlays $370 billion to combat climate change, into law. 16. The legislation is loaded with green energy provisions, including a $7,500 tax credit for electric vehicles and expanded the Environmental Protection Agency’s control over the energy industry in response to a Supreme Court ruling.

“I’d say Mr. Biden inherited a boom and turned it into a bust. That’s ‘Bidenomics,’” Kudlow said. “The president also managed to stick in a line about a making smart investments in America. I think he means several trillion dollars of spending to subsidize the Green New Deal.”

“I still say Bidenomics is baloney,” Kudlow concluded.