Building Back Bankrupt — For Workers and Families
Inflation is a tax on hardworking Americans. Biden’s policies are bleeding them dry.
Joe Biden’s promise not to raise taxes on anyone making less than $400,000 a year is hitting a major snag: inflation.
Our economy should be booming. Low-income Americans are experiencing an unprecedented 4.8 percent wage growth.* But rampant government spending, combined with lingering COVID-19 hardships, have decreased employees’ real wages by half a percent.
Inflation is a tax on hardworking Americans. Biden’s policies are bleeding them dry.
Democrats love to brand their policies as “life-changing.” We heard it with the so-called American Rescue Plan. We are hearing it with the 2022 spending binge. We will soon hear it again when the House considers the trillion-dollar infrastructure package.
Calling a piece of legislation life-changing says nothing about whether it does so for the better. Biden’s policies are making lives worse.
Overall prices spiked 5.3 percent last month and are approaching a 13-year high. Higher prices disproportionately impact the bottom quartile of income earners. Low-income families are more likely to pay for items, such as rent, milk, and gasoline, that are inflating at a higher rate.
Yet, the Biden administration and Congressional Democrats have the audacity to continue promoting their outlandish spending sprees as wins for working class Americans. Biden is selling us on an already broken dream.
During the Education and Labor Committee’s markup of the Democrat’s latest spending spree, Members considered several provisions that would seem to primarily benefit vulnerable individuals. Among those proposals were “free” college and government-controlled child care.
However, funding these programs requires blue collar workers to subsidize white collar workers.
Instead of liberating American workers and families, these handouts are golden handcuffs, offering what appears to be financial freedom but instead is a cannibalistic program that eats away at the rights of the very people it portends to help. These programs don’t set families up for success: they shepherd students and workers into government-run, inefficient programs that care more about access than outcomes.
To make matters worse, the Biden administration is asking workers to pay for these backwards policies twice — once with their hard-earned tax dollars and again at gas stations and grocery stores.
America is at a tipping point. We can continue with reckless spending packages that pass costs off to consumers and breed government dependence, or we can empower job creators and families to make decisions that work best for them.
We implore Biden to choose the latter.
*Inflation statistics courtesy of Wall Street Journal
