Steve Forbes slams Bidenomics - as most Americans say they are worse off since Biden took office

Steve Forbes slammed Joe Biden for his new economic plan and said the President's claims that he's bringing down inflation and cutting the deficit are fantasy.

Biden unveiled last month his namesake Bidenomics plan to address economic issues and since then has been touring the country touting the proposals.

Despite the President's apparent economic-related victory-lap, more than half of Americans consistently say they are worried about the economy and their own financial security under Biden.

Forbes, the chairman of Forbes Media, said Friday he was 'amazed' by the administration's rhetoric regarding the economy.

'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,' he told Fox News' America's Newsroom.

Steve Forbes said that President Joe Biden's defense of his economic policy is 'amazing,' considering the downturned economy and the growing number of Americans who say they are worse off since Biden took office

'He says he's bringing down inflation, still twice what it was when he came into office and those prices are not coming down, just the rate of increase is coming down,' he continued. 'People's credit card debt, where is that? Record high. Business investment is not what it should be, headwinds overseas.'

Forbes questioned the President's recent claims: 'What kind of world does he think he's living in?'

He also said that due to the downturned economy since taking office, he does not believe that Biden will be the Democratic nominee in 2024 – even though there are no other formidable Democratic candidates taking him on so far.

'People feel the institution in this country [they] can't trust anymore,' Forbes said. 'And both sides, you see that feeling, which is why Robert F. Kennedy Jr. is getting real traction. Who would have thought of that a year ago?'

Forbes says that Biden's record on the economy will be his downfall.

Biden claims, however, that his economic policy is already yielding results, and is taking credit for decreasing inflation and low unemployment – both results of recovering following the three-year COVID pandemic.

Speaking to union members at the Philly Shipyard in Philadelphia, Pennsylvania on Thursday, Biden admitted: 'I'm not here to declare victory. We got a long way to go in the economy.'

'I'm here to say we have more work to do. We have a plan that's turning things around pretty quickly. Bidenomics is just another way of saying 'restore the American dream,' he added.

Polls show that voters are not convinced the economy is improving, like Bidne's team consistently touts.

The president's most recent stop on his Bidenomics tour was delivered to union supporters at the Philly Shipyard in Philadelphia, Pennsylvania on Thursday

In June – and repeated during his remarks last week in Philadelphia, Biden delivered a defense of Bidenomics by claiming he slashed the federal budget by $1.7 trillion. But the Washington Post rated this claim as 'highly misleading.'

Trump-era economic adviser Steve Moore also isn't impressed with Biden's economic record.

'The people that have really been the victims of the Biden policies have been middle-class Americans,' he said in a Friday interview with Fox News.

Biden went to Chicago at the end of June to woo Americans who have a negative view of his handling of the economy.

Meanwhile, a DailyMail.com poll taken last month revealed that 52 percent of voters think they are worse off since Bidne took office in 2021.

Americans' economic outlook has been a source of frustration at the White House – and for Biden's reelection campaign.