You know you’re paying more just to survive, but how much more? And what’s driving those costs?
Regulations are a driving factor in this failing economy. According to a report from the Committee to Unleash Prosperity, the array of regulations implemented by Joe Biden during his tenure of two-and-a-half years as the country’s leader has resulted in an approximate cost of almost $10,000 for each American household.
If the current president continues his regulatory trajectory and secures a second term in the 2024 elections, the report suggests that Americans may face a staggering increase of $60,000 in expenses by 2028.
In contrast, the analysis reveals that former President Trump managed to reduce the burden on Americans by nearly $3,000 annually throughout his four-year term.
This assessment coincides with President Biden’s recent introduction of his ‘Bidenomics’ plan, which he recently presented in a speech delivered in Chicago on June 28, 2023.
The newly proposed initiative aims to outline a vision of prosperity for the middle class by implementing taxes on the wealthiest individuals and utilizing the generated funds to invest in national security priorities such as semiconductors and education for middle-class Americans.
But Americans have had enough. In a recent poll conducted by DailyMail.com, it was found that 52 percent of all voters believe their economic situation has worsened since Biden assumed office.
When examining the increase in regulatory costs imposed on American households during the past three presidencies, it becomes apparent that Biden has placed the highest financial burden on Americans, relative to his limited time in office, surpassing both his predecessor Donald Trump and his former boss Barack Obama.
The report, conducted by Casey Mulligan, former chief economist on the White House Council of Economic Advisers during the Trump era, highlights the potential impact of government regulation as a significant obstacle to economic prosperity.
“The added costs from these Biden-era final rules, which include both their current and expected future costs, amount to almost $10,000 per household,” Mulligan notes. “If regulatory costs continue to rise at the same rate as they did during the Obama administration, the total costs of Biden’s rulemaking over an eight-year period would almost reach $60,000 per household.”
Failing economies and consumer pain are familiar friends to Democratic leadership. Under the reign of Obama, household costs rose by $4,000 annually.
Biden, in a hold-my-beer moment, continues to excitedly look for ways to increase that pain and through uncontrolled regulations, found the perfect way to do just that.
Among Biden’s regulations, the ones that inflicted the highest financial toll on Americans stemmed from the regulations imposed on the automobile industry, particularly concerning fuel economy and emission standards.
According to Mulligan’s analysis, these regulations accounted for approximately one-third of the overall increase in regulatory costs.
The Biden administration attributed last year’s significant surge in gas prices to the conflict between Ukraine and Russia. However, little has been done since then to alleviate this burden on Americans, as certain regions of the country continue to face gas prices nearing $5.00 per gallon.
Furthermore, a significant portion of the increased financial burden on Americans over the past two years can be attributed to regulations implemented in the areas of health, labor, telecommunications, and consumer finance. These regulations alone account for approximately two-thirds of the overall rise in costs experienced by Americans.
However, it is important to note that regulations are not the sole factor contributing to the financial strain. Inflation has also played a substantial role in impacting consumers’ financial well-being.
Since Biden assumed office in 2020, the overall inflation rate has increased by a total of 16.45 percent, further exacerbating the economic challenges faced by Americans.
Certain items have been particularly affected by inflation, such as food and grocery costs. For instance, the price of beef has risen at a significantly faster pace compared to the average inflation rate, with an increase of 20.4 percent between April 2021 and April 2022. Egg prices saw an increase of over 11%, with the cost of chicken rising to over 13%.
What’s the use of wondering whether the chicken or the egg came first if you can’t afford either one?
Never one to let an opportunity to bash his political opponents go to waste, Biden chose his economics lecture in Chicago as the most appropriate time to claim a “victory” over the economy after Republican policies had “crushed the middle class.”
He may be selling, but the nation’s wallet-strapped citizens aren’t buying. A recent poll shows that only 34% of Americans approve of this economic “leadership.”
It’s obvious that Biden does excel at one thing: hurting middle-class and poor Americans financially as only Democrats can do.