The Biden administration faces backlash for its plan to allow Trump-era tax cuts to expire, resulting in rising taxes and financial hardship for American families and businesses.
President Joe Biden's economic policies have taken a toll on Americans, with a recent Fox News poll revealing that 52% of voters believe they are worse off today than when Biden took office. The primary culprit behind this economic downturn is Biden's reckless spending, overregulation, and tax hikes.
Under Trump, the American economy flourished, with household incomes rising, 401(k)s hitting record highs, and unemployment reaching its lowest level in half a century. Trump's Tax Cuts and Jobs Act provided significant tax relief for small businesses, making it easier for them to create jobs and boost the economy.
However, these tax cuts are set to expire soon, and Biden has expressed his intention to raise taxes by a staggering $7 trillion. This move will disproportionately burden American families, workers, and businesses.
Compounding this financial hardship, Biden's reckless spending spree has led to skyrocketing inflation, which has reached a 40-year high. The prices of essential goods and services, such as housing, groceries, energy, and transportation, have surged, leaving Americans struggling to make ends meet.
While Biden boasts about the economy's supposed strength, the realities on the ground paint a different picture. American families face financial insecurity, with many struggling to put food on the table and afford transportation.
Beyond tax hikes and inflation, Biden's regulatory agenda has also imposed significant costs on businesses and households. Since taking office, he has added an estimated $10,000 in regulatory costs per household, making it more difficult to operate businesses and stifle economic growth.
Biden has also facilitated a massive increase in illegal immigration, with the number of illegal border crossings increasing by 307% since he took office. This influx of illegal immigrants has placed a significant financial burden on taxpayers, estimated at $8,776 per person per year.
Additionally, state and local governments have been overwhelmed by the influx of illegal migrants, resulting in an expenditure of $115.6 billion – funds that could have been allocated to critical infrastructure or education programs.
In stark contrast to Trump's policies that promoted economic growth, Biden's agenda has decimated the economy and left Americans worse off. His reckless spending, tax hikes, and regulatory burdens have created a financial crisis that is devastating American families and businesses.
As the election nears, voters must carefully consider the economic consequences of Biden's policies and the need for a change in direction that will restore prosperity and financial security to the American people.
