Steve Forbes, the chairman and editor-in-chief of Forbes Media, did not mince words as he expressed sharp criticism of President Joe Biden’s economic policies, asserting that the nation’s economic condition has worsened under the current administration. Forbes made these remarks during an appearance on Fox News last Friday, December 15, 2023, dismissing a White House memo that highlighted Biden’s 2021 achievements, including the bipartisan infrastructure bill, Covid-19 vaccine distribution, and job creation.
Characterizing the memo as “propaganda” and “fantasy,” Forbes argued that Biden’s agenda has adversely affected the economy, citing increases in taxes, spending, regulations, and inflation. “A year ago, Joe Biden was calling himself the deficit cutter, the deficit slasher. This year, two and a half times the deficit is what it was a year ago,” Forbes emphasized. “He’s increased taxes, he’s increased regulations, he’s increased spending, and he’s increased inflation. And he wonders why people are unhappy.”
Forbes drew attention to a recent Quinnipiac University poll indicating that 58% of Americans disapprove of Biden’s handling of the economy, with 60% stating they are financially worse off than a year ago. The chairman also highlighted the disappointing December jobs report, revealing the addition of only 199,000 jobs, well below the expected 422,000, and noted that the labor force participation rate remains stagnant at 61.9%, notably below the pre-pandemic level of 63.4%.
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“The economy is not growing; it’s stagnating. And people feel it in their pocketbooks, they feel it in their wallets, they feel it in their bank accounts,” Forbes stated.
Expressing concern over the stalled Build Back Better bill in the Senate, Forbes warned that the proposed legislation, if enacted, would exacerbate the economic situation by raising taxes on businesses and individuals, expanding social programs, and increasing the national debt. He dubbed the bill the “big bad bill” and asserted that it would hinder job creation and economic growth.
“He’s trying to do things that have never worked before in history. He’s trying to defy economic gravity. And he’s failing miserably,” Forbes remarked.
Forbes urged President Biden to reconsider his approach and adopt pro-growth policies, recommending measures such as lowering taxes, reducing regulations, supporting energy independence, and promoting free trade. Drawing from historical examples, he suggested that Biden could learn from the successes of former Presidents Ronald Reagan and Bill Clinton, both of whom bolstered the economy through market-friendly reforms.
“He should look at history and see what works and what doesn’t work. And he should stop listening to the left-wing ideologues who are driving him over the cliff,” Forbes concluded.
