Republicans with presidential aspirations have a mixed feeling of love and hate towards Bidenomics. Former President Donald Trump has dubbed President Joe Biden's economic performance a "disaster," yet Ron DeSantis, the Florida Governor, has lately highlighted an "economic malaise" under the current US commander-in-chief. Simultaneously, both rivals are mimicking some of the incumbent's most audacious efforts.
DeSantis launched an economic strategy on Monday, becoming one of the first contenders to do this before the start of the upcoming election in November 2024. He outlined a "Declaration of Economic Independence" with 10 points, which includes attaining 3% of GDP growth, up from 2.4% in the second quarter, as well as reining in the Federal Reserve, whose rate of interest hikes have quite possibly contributed to a decline in inflation. A hazy call to repeal President Joe Biden's "job-crippling" executive order and to eliminate all funding for socially conscious investment is also included on the list. Since Biden assumed office, over 13 million positions have been added, with unemployment rate remaining at a low 3.6% as of June.
Both the Trump and DeSantis camps have promoted American "energy independence" as one of their very important agendas, but their policies are likely to be similar to Biden's. Fossil-fuel consumption has remained stable from the 45th president's taking office, despite his efforts to encourage renewables. Based on data from the Energy Information Administration, natural gas and crude oil comprise two-thirds of US energy production, and the production of crude has increased since 2021.
However, gas and oil are essentially limited resources, and their prices are highly vulnerable to unexpected events like Russia's invasion of Ukraine. Developing a more flexible energy supply requires the use of wind, solar, and other renewable energy sources, and Biden's Inflation Reduction Act allocates almost 400 billion dollars to such initiatives. A prolonged campaign for actual "energy independence" would most likely resemble Biden's policy.
Positions towards Beijing as well as manufacturing would be the same situation. DeSantis advocates reclaiming control of economic affairs from China, whereas Trump has stated that his trade strategies will result in a reduction in Chinese imports of key products. Both seem very similar to "de-risking," President Biden's phrase for industrial strategy. The President signed the CHIPS Act last August, which provides 77 billion dollars to boost the American semiconductor sector. Republican proposals are bolder, but substituting Chinese production is almost certain to require a framework similar to Biden's.
There might be Republican views appealing to voters, and yet the majority of Bidenomics will likely persist.