{
  "id": 12224507,
  "title": "MAGAnomics is starting to look uncomfortably like Bidenomics",
  "url": "https://urgent.news/2026/10/05/maganomics-is-starting-to-look-uncomfortably-like-bidenomics",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-05T19:42:14.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/10/05/maganomics-is-starting-to-look-uncomfortably-like-bidenomics/"
  },
  "original_language": "en",
  "account": "President Donald Trump's 2024 campaign has shifted its economic strategy from \"Bidenomics\" to \"MAGAnomics,\" promising to replace the latter. In a speech on May 17, 2024, Trump vowed to reject the \"Biden crazy spending spree\" and put an end to the \"inflation death spiral.\" He branded Biden's economic policies as \"Biden-nomics\" and a \"colossal tax on American families,\" claiming that inflation had devastated the country. As Trump enters his second term with midterm elections looming, his economic team is grappling with the implications of his claims. The administration's top economic officials admit that the economy's overall indicators are not a sufficient response to public concerns. Kevin Hassett, the National Economic Council director, stated that claiming the economy is doing well risks appearing insensitive, while also acknowledging the need to address the economic struggles of families. Treasury Secretary Scott Bessent echoed this sentiment, asserting that the administration would not adopt the Biden team's approach of downplaying the perceived improvements in the economy. Bessent noted that while most economic indicators are strong, inflation remains a significant issue, partly due to energy prices stemming from the conflict with Iran. He predicted that the energy shock would eventually subside. However, Bessent emphasized the long-lasting impact of the earlier inflation surge, likening it to an \"inflation Mack Truck\" that has left households burdened with higher costs for essential goods and services. Despite the administration's efforts to present a strong economic case, the narrative surrounding the economy's growth has become uncomfortable for the Trump team. On CNN, Jake Tapper highlighted the second-quarter growth of 2.2%, headline inflation of 3.4%, a 0.4% increase in consumer prices in August, 29,000 jobs added in September, and a 4.2% unemployment rate. These figures suggest that the economy is still expanding, yet it has not alleviated price anxiety or generated robust job growth. Moreover, the administration's optimism about the potential of artificial intelligence (AI) as a transformative technology has not translated into noticeable improvements in productivity data. Torsten Slok, a chief economist at Apollo Global Management, pointed out that AI's impact on productivity remains minimal, with no significant acceleration since the AI investment cycle began. This lack of productivity gains casts doubt on Trump's claim that AI-driven productivity growth would validate current investments, boost real incomes, and make managing the debt more manageable. The administration's economic strategy faces criticism, with some arguing that it favors the wealthiest individuals, creating a \"reverse Robin Hood effect\" that benefits the top 0.1%, then the top 1%, followed by the top 10%, and finally the remaining population. This economic shift, characterized by a top-heavy distribution of benefits, aligns poorly with Trump's narrative of championing the interests of ordinary Americans.",
  "summary": "Trump once called Biden-era inflation a “country-buster” and a “colossal tax on American families.” Now the shoe is on the other foot.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}