Biden’s Crushing Economic Policies Taking a Toll

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Joe Biden’s economic policies, often referred to as “Bidenomics,” are taking a serious toll across America. Inflation has spiraled so far out of control that the collapse seems imminent. The latest information is concerning.

Many families have yet to see any material relief. Grocery prices are up more than 21% from the start of 2021, and shelter costs are up 18.37%, according to FOX Business calculations. Energy prices, meanwhile, are up 38.4%. Americans are paying on average $784 more each month compared with the same time two years ago and $1,069 more compared with three years ago (Fox Business).

Survey Published by the Federal Reserve Bank of Philadelphia

1. The survey shows that more than 30% of respondents earning between $100,000 and $149,999 are concerned about making ends meet within the next six months. That marks a sharp increase from one year ago, when 21.3% of individuals in that income bracket expressed concern about making ends meet.

2. At the same time, about 32.5% of individuals earning more than $150,000 are worried about being able to pay their bills, which also marks an increase from the 21.7% figure reported one year ago.

3. Consumers making less than $40,000 are the most concerned, with about 40% worried about making ends meet, according to the survey.

Business Downsizing and Closures

Businesses have been particularly impacted. Drug stores like Walgreens and Rite Aid are getting crushed, with many locations on the chopping block. Eroding gross margins as well as high retail theft are too much to sustain. Walgreens just reported sales down by over 2.5% from last year in a climate where inflation has caused prices to go up. A number of their 8,000 stores will close, along with another announcement from Rite Aid that more stores will be closing.

Stores like Family Dollar, Dollar Tree, and Dollar General are closing up shop in many locations. Walmart is pulling out of high-shrink locations such as San Francisco and Portland.

Fast food businesses are shuttering everywhere in California due to the outrageous minimum wage of $20 an hour and over $86,000 a year salary for managers running those businesses. The wages are unsustainable, and raising prices constitutes a luxury to purchase fast food for most people.

The insurance business is shuttering locations where there are high risks. Their bottom line may look good because of fewer payouts, but the average consumer is being crushed with soaring insurance costs. Home insurance was up 71% for me this year, and auto insurance was up over 24%. Between car and home insurance, our out-of-pocket expenses are over $12K a year with no claims, no accidents, and a FICO score over 830.

The housing market has been crushed. Sales have crashed through the floor with nobody selling. Interest rates are over 7%, making most homes unaffordable when coupled with the high insurance costs. Rich people like Janet Yellen, who keeps pushing the interest rates higher, can’t see there is an issue. Yellen is worth over 20 million and, when asked if she looks at grocery prices and is concerned, her answer was no. When you have millions in the bank, you don’t look at the costs of anything. You just buy. Yellen is considering raising rates again to cool inflation. This policy does not work. I think we have borrowed 2.1 trillion dollars so far this year (the Federal Government). Printing and borrowing money causes inflation. It appears Yellen doesn’t understand this, and neither does Joe Biden, who continues his reckless borrowing and spending spree.

I am surprised that people who are supposed to know something about economics cannot fix our problems. It will continue until responsible people in important positions make decisions that will bring costs in line.

1. Stop borrowing money. Interest on the loan drives up costs. Balance the budget.

2. Stop the energy war and allow oil industries to produce energy without being handcuffed. This will relieve fuel prices and shipping costs, which will result in lower costs at all businesses.

3. Drop the interest rates to pre-Biden years. This will cause businesses to expand and employment to increase. This will allow the housing industry to recover as well.

4. Remove regulations on wages like the one in California mandating the food industry pay $20 an hour. Minimum wage guidelines should be returned to the voters in the states. They should decide what should be paid.

5. Remove all EV mandates and let the automotive industry return to normal.

6. Secure the border. Stop all economic handouts to those who are in our country illegally. This will save billions of dollars.

7. Restore all college debt. Those who went to school understood the debt when they took it on, and they should be held accountable for paying it back, not the taxpayer.

8. Stop financing foreign wars. If foreign countries want our weapons, then they need to pay for them, not the U.S. taxpayer.

9. Secure Social Security and Medicare. Adjust payroll deductions to balance the costs, understanding the birth rate is dropping. This will add costs to businesses and workers; however, if inflation was brought down, this change would be minuscule.

10. Make it unconstitutional for states to raise taxes without voter approval.

If the rules make such a difference, then it becomes very important who gets to make them.

Booker App

These are only a few suggestions. Cutting government bureaucracy would stop trillions of dollars of costs. We have way too much overhead in the federal and state governments. These are wasted tax dollars and drive inflation.

What do you think?  Have you had enough of Bidenomics?  Does Trump have a better plan?   The only way to find out is change your vote to Trump this year, since we already know that Biden will give us more of the same.   If there were other choices at the poll this year than maybe we would have another option. Unfortunately that isn’t the case in America with our seemingly two party system.  More of the same isn’t any help to Americans.   We need a change to put more money back into our pockets and policies that do not handcuff businesses like the energy or automotive sector.   Its time for a change.  Vote,