Bidenomics architect is Kamala's economic adviser

Vice President Kamala Harris would prefer voters not to remember her role in the economic disaster of the past three and a half years. She has distanced herself from President Biden and the agenda that bears his name, “Bidenomics.”

But in this life, we are judged by our actions and the company we keep. The truth is that Harris was the decisive vote in the Senate in favor of the packages that wrecked the budget and increased inflation. One of her closest advisers today, Brian Deese, is the architect of “bidenomics.”

Voters who think Harris would bring a fresh perspective to the White House should think twice. If she is elected, the same old team would be in charge. That means the next four years would be exactly like the last three and a half years.

Prices have risen more than 20% across the board since Biden and Harris took office. Prices for many household staples have risen even more. Inflation has fallen from its peak of 9.6% in the summer of 2021, but is still well above the Federal Reserve’s 2% target.

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Democrats and the financial press are proclaiming mission accomplished, but it is a disastrous economic record that has left Americans worse off and resentful. The blame falls squarely on Bidenomics and its promoters, like Harris and Deese.

Bidenomics was the belief that a government spending bonanza could boost the economy after the turmoil caused by a pandemic, lockdowns and supply chain disruptions.

Deese, who served as chair of Biden’s National Economic Council from 2021 to 2023, said this agenda was based on the “unapologetic recognition” that government action was necessary to “correct market failures” and create “strong and inclusive growth.” He contrasted Bidenomics with Reaganomics, saying the Biden-Harris approach had “a more rational understanding of the productive and constructive role that the public sector and public investment can play.”

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The original sin of Bidenomics was the American Rescue Plan, which was signed into law in March 2021. Harris was no mere bystander to this development. She cast the deciding vote in favor of the bill in the Senate. The bill injected a staggering $1.9 trillion into an economy already awash in easy money.

The result of this spending frenzy was predictable: immediate and persistent inflation.

The Biden administration, however, downplayed the damage, calling it temporary, and attempted to deflect blame. In 2021, Deese claimed that “short-term inflationary pressures” were “not the problem.” He later predicted that inflation would “moderate” in 2022.

In fact, inflation hit its highest level in 41 years in 2022 and has yet to return to the 2% annual rate that is considered normal. To this day, Harris boasts that inflation is “below 3%.” You can change the parameters, but you can’t change the facts.

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Worse, the Biden-Harris administration used inflation as an excuse to double down on the very agenda that sparked it. Inflation concerns “underscore why it’s so important that we move forward” with the next installment of Bidenomics, Deese said in 2021.

That would become the perversely titled “Inflation Reduction Act,” another debt bomb designed to promote green energy. Goldman Sachs estimates that the IRA’s climate subsidies cost an additional $1.2 trillion, more than three times what its supporters claim.

To no one's surprise except the administration, the result of this spending was sustained inflation. Casey Mulligan at the Committee to Unlock Prosperity The administration's spending policies were found to account for about half of the inflation our economy has suffered. A better name for the bill would have been the Inflation Acceleration Act.