Cape News

Over recent months, discussions around the Biden-Harris administration's economic policies have intensified. Some critics argue that these policies have not succeeded in benefiting everyday Americans such as farmers, workers, and small business owners. They claim that since President Joe Biden and Vice President Kamala Harris assumed office, economic challenges have persisted for many.

At the start of their term, inflation was at 1.4%, but has reportedly increased by more than 20% following a significant spending program amounting to $10 trillion over two years. This increase is said to have affected the purchasing power of paychecks and led to an accumulation of credit card debt among Americans due to rising costs in essentials like groceries and gas.

The American Rescue Plan, passed with Vice President Harris casting a deciding vote in the Senate, has been identified by critics as a catalyst for inflation by injecting nearly $2 trillion into the economy. Detractors highlight specific allocations within this plan they deem unnecessary or misdirected, such as funds for parks and trails in Michigan and stimulus checks sent to prisoners.

Furthermore, critics point to another piece of legislation known as the Inflation Reduction Act. They argue it includes provisions favoring wealthy individuals and special interests, while also expanding subsidies under Obamacare for high earners. The act included environmental tax breaks which are said to cost significantly more than initially estimated.

Critics emphasize that no Republicans supported these measures in Congress and argue they have contributed to increased living costs for Americans. They suggest that instead of seeing benefits from these policies, families are facing higher expenses annually while real wages have decreased since the administration began.

There is a call from some quarters for pro-growth policies aimed at fiscal responsibility as a means to improve economic conditions for ordinary citizens.