Top conservative group declares ‘Bidenomics is Broken’ in national ad campaign

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WATCH: Americans react to Bidenomics

Americans in the nation's capital graded President Joe Biden's handling of the economy since he took office and shared their thoughts on Bidenomics.

FIRST ON FOX: Americans for Prosperity (AFP), the deep-pocketed and influential fiscally conservative and libertarian political advocacy group, is launching a major grassroots and paid advertising campaign this summer to spotlight what it charges is the negative impact of President Biden’s economic policies on communities across the country.

AFP on Thursday unveiled their "Bidenomics is Broken" campaign, with an announcement shared first with Fox News. The group says they’ll be hosting more than 500 events across the country, including Bidenomics BBQs in states where the president is showcasing his economic agenda.

The campaign includes new digital spots – backed by a six-figure ad buy in all 50 states – that spell out why voters think Bidenomics is nothing to brag about. The videos argue that the president’s economic policies are making life unaffordable.

"Bidenomics has made life unaffordable for Americans," the narrator in one of the spots claims as she points to "40-year high inflation, higher gas prices and home energy costs, interest rates doubling, and grocery bills that are through the roof."

"When Biden brags about the economy thriving, do YOU believe him?" the narrator asks.

As he runs for a second four-year term in the White House, the president and his top surrogates have spent recent weeks touting "Bidenomics" at events across the country. 

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Showcasing promising economic metrics, the president is emphasizing that his economic agenda is improving the plight of the middle class as it focuses on job creation and infrastructure investments.

"Bidenomics is about the future," the president said in a speech last month in Chicago. "Bidenomics is just another way of saying restore the American Dream because it worked before."

President Biden during an event at the Flex facility in West Columbia, South Carolina, on July 6, 2023. (Sam Wolfe/Bloomberg via Getty Images)

The president is scheduled to deliver another speech on his economic agenda on Thursday in Philadelphia.

While recent economic indicators suggest the economy is improving and fears of an imminent recession are fading, public opinion polling continues to indicate that Americans are giving Biden little credit. The president’s approval ratings on the economy remain deeply underwater in most surveys.

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A Fox News national poll conducted last month indicated that most voters were unhappy with how things are going in the country and continued to rate economic conditions negatively. In addition, few voters believe they are gaining ground money-wise, according to the survey.

On President Biden's handling of the economy, just 38% approve and 60% disapprove. (Fox News)

AFP was founded and financed by the Kansas based billionaire industrialist brothers Charles and David Koch. David Koch stepped away from involvement in AFP ahead of his death in 2019. While the group does launch paid ad campaigns, its strength is in its vast grassroots outreach efforts from coast to coast.

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"AFP brings together an unmatched grassroots network across all 50 states, and we're hitting the road this summer to inject some economic reality to the Biden administration's false claims about their failing policies," AFP vice president of government affairs Akash Chougule told Fox News.

Chougule said that "what we’re hearing from voters across the country is no surprise – ‘Bidenomics’ is bad economics. The fact is, prices are high, wages are down, and families are still feeling the squeeze of the reckless spending and regulatory policies of this administration. The few positive signs we're seeing in the economy are despite President Biden's policies – not because of them. Americans don't need a new campaign buzzword, they need policies that will lower costs and expand opportunities for everyone."