Then again, if "Bidenomics" had meant doing absolutely nothing, it would have been the president's greatest political accomplishment. But that would have meant allowing a crisis to go to waste. Instead, what "Bidenomics" did help create was the biggest four-year inflationary spike under any president in 40 years.
By the time the American Rescue Plan was passed, there was already too much money chasing too few goods. Tons of people warned about the consequences of dumping more money into the economy. Even when inflation began inching up, Biden dismissed it -- "no serious economist" is "suggesting there's unchecked inflation on the way," he said. Democrats, of course, wanted to cram through a $5 trillion progressive agenda spending bill. So, when inflation became a big, nontransitory political problem, the Biden administration began arguing that more spending would help ease inflation.
Again, the vital thing to remember about "Bidenomics" is that it makes absolutely zero sense.
Only after inflation became a political issue did the Democrats rename Build Back Better the Inflation Reduction Act. It still contained all the historic spending, corporate welfare, price-fixing, and tax hikes, but, more importantly, it also still had absolutely nothing to do with mitigating inflation.
None of this is to even mention the hundreds of billions "Bidenomics" "invested" -- the enduring euphemism for spending money we don't have -- in social engineering projects that would force us to abandon modernity in the name of "climate justice." This brand of spending was based on a (misguided) moral prerogative, not any kind of prudent economic decision making, to say the least.
A writer in the New Yorker recently asked, "Why Isn't Joe Biden Getting More Credit for a Big Drop in Inflation?" Probably because there is no "Bidenomics" policy that has helped lower inflation. Quite the opposite. We're still trying to recover from the president's economic policy. It's the Fed that was compelled to hike interest rates at a level not seen in 30 years to inhibit economic growth partly due to government-induced inflation. It, not Biden, brought down inflation.
Presidents who oversee strong economies, often benefitting from the luck of history or existing policies, will see fewer jobs "created" during their terms because space for growth is limited. Biden was given more economic headroom than any president in history -- and blew it. That's the real legacy of "Bidenomics."