'Pretty remarkable': Yale economist praises Bidenomics for financial growth 'across the board'
When the Wall Street Journal's conservative editorial board used the term "Bidenomics" in 2021, it wasn't meant to be favorable but rather, was used to disparage President Joe Biden's economic policies. But in 2023, Biden and his allies consider the term a badge of honor.
Emphasizing that the U.S. economy has enjoyed a robust recovery following the COVID-19 pandemic — including the lowest unemployment rates in over half a century — Biden's reelection campaign is touting "Bidenomics" as a reason to reelect him in 2024.
During a late July appearance on MSNBC, Jeffrey Sonnenfeld — an economics professor at Yale University in Connecticut — credited Biden's "interventionist" economic policies for robust GDP in the United States.
Liberal MSNBC host Lawrence O'Donnell told Sonnenfeld that as a rule, he doesn't like to give presidents "very much credit" for either "good things" or "bad things" that "happen in the economy." But he added that the Biden Administration has been "so active in the economy" — in a positive way.
Sonnenfeld agreed, telling O'Donnell, "Absolutely. And across the board, we're seeing the results. There's that confidence….. consumer confidence up 70 percent. But so is it with Wall Street. We have the NASDAC up 50 percent this year. It's pretty remarkable. The S&P up 20 percent. Everything is going in the right direction."
Sonnenfeld described the Biden Administration as "successfully economically interventionist," even comparing Biden's economic program to President Franklin Delano Roosevelt's New Deal of the 1930s and early 1940s.
The Yale economist told O'Donnell, "The cynicism out there is just something that's being echoed in a circular echo chamber of sorts. But the financial facts are something quite different from what the pollsters put out there. The pollsters got everything wrong…. The facts are uniformly positive."
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