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The Biden administration is shattering records in all the wrong ways. From the surge of illegal migrants overwhelming our border, to the alarming rise in crime rates across America’s largest cities and skyrocketing inflation, the American people are witnessing the real-time, unprecedented consequences of Biden’s failed policies.
A new report from Advancing American Freedom shows the economy in particular has suffered devastating setbacks, with inflation hitting 40-year highs and prices skyrocketing nearly 18% since the day President Joe Biden took office, leaving American families paying $15,133 more each year for the same necessities.
What’s worse, the Biden team is poised to expand an already ballooning administrative state, pushing costs on to the U.S. taxpayer. His regulatory agenda is spiraling out of control, posing a serious threat to American prosperity.
BIDEN’S ‘WAR’ ON ENERGY WILL COST AMERICANS JOBS, WORSEN INFLATION, MONTANA OFFICIALS SAY
The harsh reality of life under Biden stands in stark contrast to the achievements of the Trump-Pence administration. Gone are the days of the lowest unemployment rate in half a century, with income rising in every metro area, and record low unemployment for African Americans, Hispanics, and veterans.
President Joe Biden’s record has driven up costs for ordinary Americans. But his love of Big Government will make things even worse. (Yahoo Finance YouTube channel)
Under Trump-Pence, small business optimism broke a 35-year record, and American households saw an extra $3,100 every year thanks to the elimination of unnecessary regulations, striking eight old regulations for every one new regulation. Before a global pandemic unleashed historic destruction around the world, the U.S. economy was achieving record success as a direct result of the Trump-Pence administration’s pro-growth policies.
Over the past few years, the Biden administration has done its best to chip away at these hard-won gains. Biden has already overturned three-quarters of former President Donald Trump’s historic deregulatory actions. After repealing 98 environmental deregulation policies from the Trump-Pence administration, Biden added 102 environmental regulations of his own and proposed 71 more.
He’s “mobilized even far-flung agencies” to focus on his green agenda, mandating that the federal government find ways to “erase its carbon footprint by 2050.” As part of his climate agenda, Biden has proposed over 100 regulations to enforce new mandates on common household appliances while pushing sweeping changes in vehicle fuel efficiency standards on cars used by everyday Americans.
Since taking office, Biden has implemented over 209 Economically Significant Rules, already far surpassing predecessors in the last four decades. In total, the Biden administration has rolled out nearly 900 final rules, with a significant portion released in the first four months of 2024 alone.
Administering so much regulation has required a gross expansion of the federal bureaucracy. Over the course of 20 years, executive branch civilian employment has seen a steady increase, from around 1 million in 2000 to 2.2 million employees by 2021. However, the bureaucracy has ballooned at a particularly alarming rate under Biden.
The Biden team is now sending the bill for big government to hardworking Americans. The President’s regulatory actions in 2022 alone were projected to cost American taxpayers roughly $10,000 per household. Biden regulation has increased the cost of essential items such as household appliances by thousands of dollars, while vehicle emissions regulations and efforts to promote electric vehicles have artificially inflated the average price of a new car.
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Looking ahead, projections estimate that the Biden administration’s regulations will cause over $1 trillion to be spent over the next decade. Most of the American people’s hard-earned wages are no longer going toward rent, groceries or their children’s education, but toward lining the pockets of D.C. bureaucrats and their extreme liberal ideological agenda.
Unfortunately, even harder times may lie ahead for the American people. This ballooning regulation comes as Biden plans to end the Trump-Pence 2017 Tax Cuts and Jobs Act (TCJA), the largest overhaul of the federal tax system in over three decades.
The TCJA’s historic tax relief provisions spurred job creation, increased real wages, boosted the economy and expanded opportunities for millions of Americans. Ending it now threatens to undo these vital gains, especially in such uncertain economic times.
As American businesses struggle under crushing regulations, Biden’s promise to reverse the TCJA and hike the corporate tax rate will deliver a final death blow to an already crippled business environment and, ultimately, the economy.
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This course is unsustainable for our country and unfair to the American people. The Biden administration’s overreach only serves to grow executive branch power, not the U.S. economy.
With Americans barely able to afford necessities in this economy, President Biden appears unwavering in his desire to grow the government on the backs of their hard work. We know the policies of the Trump-Pence administration led to higher wages, more jobs, and greater opportunity for all. Under Biden’s watch, the American dream is slipping away, drowned in a sea of regulations and economic mismanagement.
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