Fox Business host Larry Kudlow ripped President Joe Biden over the June jobs report, calling “Bidenomics,” the term President Joe Biden embraced for his economic policies, “baloney.”
The United States economy added 209,000 jobs in June, according to the latest jobs report from the Bureau of Labor Statistics. The estimates for April and May were revised downward by 110,000 jobs in the latest report.
WATCH:
“President Biden called it ‘Bidenomics’ in action. Well, I guess it was, because it was a very soggy and underwhelming report,” Kudlow, a former Trump administration economic advisor, said. “So non-farm payrolls came in well below expectations by rising 209,000, but even that was the lowest since December 2020. Now hang on a second. The prior two months were revised down by 110,000. So, actually, we saw only a 99,000 new job gain in June. That is a very poor number.”
Biden embraced the term coined by the Wall Street Journal to describe his economic policies during a June 28 speech in Chicago.
Kudlow blasted Biden over signing legislation like the Inflation Reduction Act, which outlays $370 billion to combat climate change, into law. 16. The legislation is loaded with green energy provisions, including a $7,500 tax credit for electric vehicles and expanded the Environmental Protection Agency’s control over the energy industry in response to a Supreme Court ruling.
“I’d say Mr. Biden inherited a boom and turned it into a bust. That’s ‘Bidenomics,’” Kudlow said. “The president also managed to stick in a line about a making smart investments in America. I think he means several trillion dollars of spending to subsidize the Green New Deal.”
“I still say Bidenomics is baloney,” Kudlow concluded.
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