The Biden administration took aim at what they call “MAGAnomics” in a new memo Monday as President Joe Biden’s own economic policy fails to tame inflation and continues to lose popularity, according to Politico.
The White House is set to release a memo attacking Republicans, claiming that their policies regarding the Affordable Care Act (ACA) and prescription drug prices will increase health care costs, according to Politico. The attack on MAGAnomics comes as the Biden administration shifts away from the term “Bidenomics” as Americans’ views of the economy increasingly sour.
“Efforts to repeal the Affordable Care Act (ACA) and the Inflation Reduction Act put the differences between Bidenomics and MAGAnomics into sharp perspective — lower costs for hardworking families made possible by rich special interests paying their fair share in taxes, or tax windfalls for the rich that makes costs skyrocket for the American middle class,” according to the memo.
The Biden administration characterizes “MAGAnomics” as an attempt to take away health care and raise prices for Americans by ending ACA expansion, according to the memo. The memo also criticizes Republicans for opposing the Biden administration’s plan to coerce drug manufacturers to negotiate on key drug prices under threat of a 95% sales tax in an effort to lower consumer costs.
The memo points to budget proposals from House Republicans that want to make cuts to Medicare, Medicaid and Social Security while taking away the president’s authority to negotiate prescription drug costs, according to the memo.
The calls for budget cuts from Republicans come as the national debt balloons to nearly $33.7 trillion. From fiscal year 2022 to 2023, the budget deficit grew from $1 trillion to around $2 trillion when Biden’s failed student loan forgiveness plan is properly accounted for.
Inflation, a key factor influencing Americans’ economic perceptions, peaked at 9.1% year-over-year under Biden in June 2022 and has since decelerated to 3.2% in October, remaining well above the Federal Reserve’s 2% target. As a result, prices have risen 17.1% since Biden took office in January 2021, with health care premium costs increasing 7% just this year as of October.
While the economy grew substantially in the third quarter of 2023, with gross domestic product (GDP) rising 5.2% for the year, the nonpartisan Leading Economic Index predicts the GDP will decline 0.8% in 2024 due to a coming recession, as a number of key indicators point to declining economic health.
The White House and the Republican Study Committee did not immediately respond to a request to comment from the Daily Caller News Foundation.
Will Kessler on December 4, 2023
