According to President Biden, his stewardship of the economy – which he has dubbed “Bidenomics” – should be praised as the best America has ever seen. Unemployment is down and jobs are up. So why exactly are Americans giving such poor ratings to Bidenomics? Perhaps it’s because Biden’s $1.9 trillion economic stimulus package unleashed the worst inflation in 40 years. And while inflation may be lower today than it was three years ago, its compounding effects mean that prices are still sky-high. On top of that, Americans recently hit a record high of over a trillion dollars in credit card debt. In short, it doesn’t take a PhD to understand that Americans are hurting.
Gary D. Cohn is the Vice Chairman of IBM and served as chief economic advisor and the 11th Director of the National Economic Council to President Donald Trump. Before serving in the White House, Mr. Cohn was President and Chief Operating Officer of Goldman Sachs, a member of the firm’s Board of Directors, and Chairman of the Firmwide Client and Business Standards Committee. Mr. Cohn began his career at U.S. Steel before moving to New York to trade on the New York Commodities Exchange.