Via the Washington Times: Rep. Jodey Arrington Issues Reminders on the Effects of Bidenomics
Kamalanomics is—believe it or not—worse than Bidenomics. Vice President Harris’s policies would drive us into a long, cold economic winter, crush our children with an insurmountable debt, and hand the keys to future global leadership to China.
A recent Washington Times Op-Ed highlighted the work done by the Budget Committee reminding taxpayers that the Biden-Harris Administration continues to disregard the $35 trillion deficit and pursue expensive policies that do little good for the American people.
Word on the Street:
Jennifer Harper, Via The Washington Times:
- “‘While the Conference Board’s report showed a slight improvement in consumer confidence, overall markets remain weak and Americans are worried about the health of the labor market,’ House Budget Committee Chairman Jodey Arrington said in a statement shared with Inside the Beltway. The Texas Republican has more to say, however.”
- “‘Families are paying over $17,000 more annually just to maintain the same standard of living they enjoyed before Biden-Harris took office. Their bank accounts have been wiped out, with the savings rate dropping from 7.7% right before the pandemic to 3.4% under Kamalanomics,’ Mr. Arrington said.”
- “‘Unemployment has risen for four straight months, and recent revisions show the job market is markedly weaker than previously reported. Consumer interest rates stand at a 23-year high. It’s hard to fathom how hardworking American families can survive another four years of the Biden-Harris failed economic agenda,’ he concluded.”
- “The aforementioned Rep. Jodey Arrington has also cited “Ten of the Worst Policies” that have emerged from the administration of President Biden and Vice President Kamala Harris.”
- “Here they are, verbatim from the source:”
- “1. Proposes largest tax increase in history ($4.9 trillion).”
- “2. Calls for an unprecedented $86.6 trillion in spending over 10 years.”
- “3. Generates the largest debt in American history by 2034 ($52.7 trillion).”
- “4. [The debt] results in $12.2 trillion interest payments, $2.5 trillion more than the entire defense budget.”
- “5. Restores partisan changes to the Child Tax Credit by removing work requirements, turning it into an unconditional cash grant costing over $310 billion.”
- “6. Provides $104 billion in mandatory funding to the IRS over the budget window to further monitor American taxpayers.”
- “7. Spends $90 billion on taxpayer-funded free community college, on top of the $132 billion already spent forgiving student loans.”
- “8. Fails to secure the border by underinvesting and maintaining status quo policies like “catch and release.” Illegal immigration currently costs taxpayers a net of at least $150.7 billion.”
- “9. Permanently expands inflationary Obamacare subsidies, including for some of the nation’s richest Americans, costing taxpayers $350 billion.”
- "10. Undercuts domestic energy independence by imposing $120 billion in new taxes on American energy producers.”
- “1. Proposes largest tax increase in history ($4.9 trillion).”
The Bottom Line:
Since Biden-Harris took office, the cost of goods and services has increased nearly 20 percent. Families spend over $17,000 more annually just to maintain the same standard of living they enjoyed before this Administration, underscoring the country’s dire fiscal future.
Under the Biden-Harris Administration, unchecked spending and overreaching economic policies have worsened the U.S. federal government’s growing debt and deficit issues.
