Senator Ricketts’ Weekly Column:  The Failures of Bidenomics

November 24, 2023

The numbers say it all. Americans continue to pay the price for failed Bidenomics. Overall, prices have risen by 3.2% since last year. Cumulatively since Joe Biden took office, prices have increased by 17.61%. Necessities are costing hard-working American households hundreds of extra dollars a month. Gasoline is up 54.82%. Groceries are up 20.89%. Energy prices are up 39.69%. Rent is up 17.96%. Electricity is up 24.24%. 

As a result, 92% of adults have felt a need to reduce their spending over the past six months. Seventy-six percent plan to cut back spending on non-essential items. Meanwhile, real wages are down, mortgage interest rates are historically high, and Americans are struggling to keep up.

This inflation is caused by President Biden’s failed policies and reckless spending. While Americans have tightened their belts in response to rising costs, our federal government has done the opposite. Federal spending is up 40% in just four years. As a result, our national debt is approaching $34 trillion. That comes out to $256,000 per household. That’s like a second mortgage for Nebraska families.

Despite this, President Biden has embraced the term Bidenomics in an attempt to convince Americans they should celebrate his economic agenda. This is woefully out of touch with the struggles caused by rising costs of living. Earlier this month, the President declared, “Bidenomics is just another way of saying the American Dream.” For those struggling to make ends meet this holiday season, Bidenomics is more of a nightmare.

Americans just don’t support the president’s failed economic policies. Biden’s approval rating just declined to the lowest level of his presidency at 40%. Seventy-six percent of Americans believe the country is headed in the wrong direction. Sixty-six percent rate the national economy as “bad.” More than half say Joe Biden’s policies have hurt them personally. To bring inflation down and get our country back on track, we must reverse course. We need to cut our spending. 

Last week, the Senate passed a continuing resolution to keep the government open into January and February. It also avoids increased Democrat spending by preventing another bloated omnibus bill. However, the Senate cannot waste time if it is to pass all 12 appropriations bills before current funding runs out.

We should have an open government. Sadly, Senate Democrat Majority Leader Chuck Schumer continues to play games with the calendar in an attempt to force more spending. Most Americans work until their jobs are done. Washington should do the same.

For months, I’ve been pushing Schumer to keep the Senate in session Monday through Friday each week so we have time to debate, amend, and vote on all 12 appropriations bills to fund the government and secure the border. Instead, he’s chosen to recess early or start voting late, week after week. Not to mention that when we have been in session, almost two-thirds of our votes have been on nominations. As a result of that broken process, the Senate has only passed 25% of the 12 appropriations bills that were due on September 30th. 

Reckless spending is not going to ease the painful impact of Bidenomics, but cutting our spending and securing our border will. I’m committed to fighting for real relief for Nebraskans in the U.S. Senate. I’ll work all day, every day to get the job done. President Biden and Majority Leader Schumer should do the same.

My team and I are here to serve you. Contact us anytime by phone at 202-224-4224 or on my website at www.ricketts.senate.gov/contact. Hope you and your loved ones had a happy Thanksgiving!