Speaking on CNBC on Monday, Jared Bernstein, chairman of the president’s Council of Economic Advisers, said that President Joe Biden’s policies help workers.

Bernstein’s statements were political propaganda. The truth is that Biden’s policies hurt both workers and households. Because of excessive fiscal stimulus, inflation took hold in the United States economy. Inflation reached levels not seen in 40 years. The majority of workers experienced negative wage growth for all of 2022. Wage inflation is now embedded in the U.S. economy. Core inflation remains too high, and the Federal Reserve will likely have to continue to raise interest rates to slow the economy.

Higher interest rates harm households looking to purchase consumer durables, particularly vehicles. Higher interest rates have priced many would-be home buyers out of the housing market. The spread between household incomes and the cost of buying a home is at a multidecade high . The American dream of owning a home is now just a mirage for many families.

Most people have credit cards. The cost of borrowing on credit cards is going higher. Credit standards have tightened. Some workers and households can no longer afford to pay by card. Credit card delinquencies are rising. Because of Bidenomics, the federal deficit is skyrocketing; yet Biden continues to pursue policies that increase the deficit. Biden’s revised student loan moratorium will increase the federal deficit by almost $500 billion over a 10-year period. Spiraling deficits cause interest rates to increase. Household consumption deteriorates. The cost of capital for business increases. Business investment suffers. Excessive stimulus is a dead weight on the economy. Bidenomics is an economic failure.

But Bidenomics is also authoritarian.

The president’s new vehicle mileage regulations will hollow out the vehicle manufacturing industry. Car manufacturers will only be able to meet the higher mileage requirements by selling more electric vehicles, EVs. Yet most do not want to purchase an EV . Consequently, the car companies will be forced to cut EV prices and to sell EVs at a loss. Ford just reported that in the second quarter, it lost $5 billion on its EV operations. Still, Ford will continue to throw good money after bad because of the new mileage rules. Vehicle manufacturers will also raise prices for internal combustion engine vehicles to compensate for their losses on EVs. The cost to purchase a new internal combustion engine vehicle is at an all-time high .

Bidenomics is good for Americans?

James Rogan is a former U.S. foreign service officer who later worked in finance and law for 30 years. He writes  a daily note  on finance and the economy, politics, sociology, and criminal justice.