The Biden administration is waging a war on your wallet. Throughout the first two months of his presidency, President Biden has made it clear that he’s willing to pursue a far-left agenda at the expense of economic growth.
As Americans try to emerge from government-imposed, job-killing lockdowns, economies are starting to open up. However, before you get too excited and hopeful for the future, don’t, because Mr. Biden and his swamp cronies are doing everything in their power to stunt hope, growth and opportunity for all.
Earlier this week, it was revealed that Mr. Biden is eyeing the first major tax increase in nearly 30 years in his next spending bill. The proposal calls for increasing the corporate tax rate from 21% to 28% and raising income tax rates for Americans who earn more than $400,000 a year, along with other various tax increases. This wrongheaded approach would cause economic uncertainty and job loss at the worst possible time.
This, however, is just one facet of the president’s assault on economic growth. One of the most immediately felt impacts of this anti-growth America last agenda is seen at gas pumps across the nation. Under President Trump, America became energy independent for the first time in decades. Americans everywhere reaped the benefits of lower gas and energy prices that kept more money in their pockets.
On his first day, Mr. Biden made it clear that he’ll take America back to the days of being dependent on energy from foreign adversaries when he rescinded the permit for the Keystone XL pipeline. With the stroke of a pen, Mr. Biden eliminated thousands of high-paying blue collar jobs overnight. This was a signal to his anti-energy, radical base that he would fulfill his promise of transitioning away from fossil fuels without regard for America’s national security or struggling families trying to make ends meet.
However, there’s a more immediate impact being felt right now. As energy supply remains stagnant — a problem that would be alleviated by domestic energy production — gas prices are soaring. Since Mr. Biden took office, average gas prices have skyrocketed by 50 cents a gallon. Just like the crisis Mr. Biden created at our southern border, the Biden administration is trying to blame the pain at the pump on his predecessor — something the American people know is a lie.
Rising gas prices along with the massive, pork-filled $1.9 trillion COVID-19 “relief” bill — of which less than 10% actually goes to COVID mitigation — is causing economists to worry about the looming specter of inflation.
As more money is “printed” and injected into the economy, the purchasing power of the dollar decreases. The latest Bank of America Fund Manager Survey found that COVID-19 is no longer the bigger risk for investors after a year of being a top concern — that worry has now been replaced by the fear of inflation.
The effect of inflation will be felt at the grocery store as prices of staples like bread, milk and cheese have already started increasing. The Biden economic approach is a two-pronged attack on the pocketbook that reduces how much of our hard earned pay we’re allowed to keep, while making what we do have not go as far.
This is classic Democratic big-government engineering from those who consider themselves to be our moral superiors. For fiscal 2020, our national deficit hit a record $3.1 trillion, bringing our national debt to more than $28 trillion and there’s no stopping it. Mr. Biden and his left-wing allies know that throwing more money at a problem won’t fix it, because it was already attempted in the 1930s and 1960s. But sadly, it remains the left’s only idea and they’re doubling down on it.
Unfortunately for hardworking Americans, Mr. Biden’s war on economic prosperity continues on other fronts as well. Another target of his COVID-19 bill is an attack on state governments, and their right to set tax policy as they see fit. Within the bill is a provision that could prevent states from cutting their own taxes if they accept a federal bailout.
Also hidden within Mr. Biden’s $1.9 trillion bill is a series of tax increases on businesses totaling $60 billion, coming at a time when companies are struggling from lockdowns. This, when combined with Mr. Biden’s upcoming tax increase plans, would spell certain disaster for job creation.
So, for those keeping track at home, Mr. Biden’s economic program will decrease your take-home income; make what they let you keep worth less; hamstring state governments from setting their own economic policies; launch an all-out war on businesses of all sizes; and encourage Americans to stay on unemployment instead of finding a job.
And this is just the beginning. Last week, the U.S. House quietly passed the Protecting the Right to Organize (PRO) Act. The act favors union organizers and would ban right-to-work laws in the 27 states that have that protection. This Biden-endorsed act puts 57 million freelance and gig economy jobs at risk across the country. Even though freelancers oppose this law — and lobbied for exemptions from it in California when they passed a similar state-level measure — Democrats have decided these workers are being “taken advantage of,” even when those same folks say it isn’t true.
From all sides, Mr. Biden is punishing American families by attempting to undo all of the economic successes of the Trump administration. As the country digs out from the coronavirus pandemic, we need pro-growth policies that lift up all Americans by creating good paying jobs in a flourishing economy, not what the liberals in power are currently imposing on America.
• David N. Bossie is president of Citizens United and he served as deputy campaign manager for Donald J. Trump for President.