Newsline

Economy , Newsline

The Massive Hidden Cost of “Bidenomics”

Posted on Thursday, August 17, 2023
|
by Neil Banerji
|
26 Comments
|
Print

AMAC Exclusive – By Neil Banerji

Joe Biden surrounded by $100 bills due to Bidenomics

As President Joe Biden continues to tout the supposed successes of his “Bidenomics” agenda, his administration’s mounting pile of bureaucratic red tape is drowning everyday Americans in regulatory costs.

During a speech in Wisconsin on Tuesday, Biden declared that his economic agenda is “leading to a boom.” After citing the lower inflation rate and low unemployment numbers, the president asserted that “Bidenomics” is “about growing an economy by strengthening the middle class” and has led to the United States having “the strongest economy in the world.”

But the most telling line of his speech came directly after that when Biden said, apparently off script, “And you’re looking at me a little skeptical, but I promise you. Check it out. The strongest economy in the world.”

It seems that even the Biden team’s hand-picked audience of devoted Democrats couldn’t hide just how much they don’t believe the “Bidenomics” talking points.

While it’s true unemployment is low, the inflation rate has come down (but is still above the historical norm) and several other economic metrics are pointing in the right direction, Americans aren’t feeling much relief – and for good reason. When it comes down to it, “Bidenomics” has meant drastically higher costs across the board that disproportionately impact middle and working-class families.

One of the biggest hidden costs of “Bidenomics” is the added burden of a mountain of regulations imposed by the White House’s legions of bureaucrats. According to a report released earlier this summer by Casey Mulligan, the former chief economist of the White House Council of Economic Advisors during the Trump administration, Biden’s new regulations have already cost the average American household about $10,000.  

In effect, this figure represents a significant hidden tax on every American family regardless of income.

As Mulligan explains, the Biden administration has been adding regulatory costs at a rate of $617 billion per year of rulemaking – a cost that is passed on directly to consumers. If Biden wins re-election and rulemaking and regulatory costs accelerate at the same rate under Biden as they did under Obama, the total cost to the American people over eight years would be a jaw-dropping $7 trillion – about $60,000 per household.

Although Biden has introduced fewer regulations per year than Obama, his regulations have been, on average, far more costly. For instance, COVID-19 vaccine mandates alone cost nearly $500 million. Automobile fuel economy and emissions standards account for about one third of the total regulatory costs Mulligan cites, while health, labor, telecommunications, and consumer finance regulations also comprise a significant chunk.

One of the primary culprits of sky-high regulatory costs is the so-called “Inflation Reduction Act” – legislation which the administrated has trumpeted as one of Biden’s signature wins. According to Mulligan, the bill implemented several price control schemes disguised as deregulations which will actually cost consumers billions.

The pace at which Biden has heaped regulatory costs on the American people presents a stark contrast to what the country saw under President Trump. Using the same methodology, Mulligan found that Trump’s policy of targeted deregulation reduced costs for the average American household by almost $11,000. Over eight years, Trump’s policies could’ve been expected to save families $21,000.

This in effect represents an $80,000 swing from the situation under Biden. Put another way, Biden’s policies have already almost entirely wiped out the gains seen under Trump and are taking hundreds more dollars each month from families’ bottom line.

Unsurprisingly given these findings, an analysis from the Heritage Foundation in January found that the average American family is $7,400 poorer under Biden – a figure that has likely grown since the study was released in January. Meanwhile, a separate analysis from the Committee to Unleash Prosperity found that the average family became $6,400 richer under President Trump. These figures are directly tied to the regulatory costs that each administration imposed on the public.

As much as the Biden administration would like to bill their economic record as a success story, the reality is that Americans are acutely aware of how much worse off they are now than they were just a few years ago. According to a recent CBS News/YouGov poll, 35 percent of Americans say they are “falling behind” financially, while 52 percent say they are “staying in place” and just 13 percent say they are “getting ahead.” Those numbers are hardly indicative of a strong economy.

70 percent also say their pay is not keeping up with inflation, and 65 percent rate the economy as “bad.” A whopping 80 percent of respondents said Biden’s policies – now branded as “Bidenomics” – are either “a great deal” or “somewhat” responsible for the state of the economy.

For a president hoping to win over voters on the strength of his economic record, those are very alarming numbers indeed.

Neil Banerji is a proud Las Vegas resident and former student at the University of Oxford. In his spare time, he enjoys reading Winston Churchill and Edmund Burke.

We hope you've enjoyed this article. While you're here, we have a small favor to ask...

The AMAC Action Logo

Support AMAC Action. Our 501 (C)(4) advances initiatives on Capitol Hill, in the state legislatures, and at the local level to protect American values, free speech, the exercise of religion, equality of opportunity, sanctity of life, and the rule of law.

Donate Now
Share this article:
Subscribe
Notify of
guest
26 Comments
Most Voted
Newest Oldest
Inline Feedbacks
View all comments
PaulE
PaulE
11 months ago

Bidenomics is working as intended. One merely needs to understand what the objectives of the left in this country have been for decades to understand why they push certain policies and “solutions”.

The American people are moving towards becoming just like our more heavily taxed and poorer western European counterparts. The average American is poorer today than 2 1/2 years ago and that trend is increasing. That is intentional. The overall economy has been greatly slowed to make this nation less competitive in the global marketplace. Again, this is intentional. The overall standard of living of the average American is diminishing with each passing day due to a broad array of new and increased taxes and regulations. Again, this is intentional to degrade the country at every turn. The return of excessive inflation, brought about by massive over-spending of the federal government, is a standard feature in most socialist-style economies. Again, completely intentional by the left.

The administrative state, that adds ZERO value to most Americans, is being steadily increased in both size and scope to further manage our intentional decline as a country. The ultimate goal is to catch up and then greatly surpass our western European counterparts on the road to serfdom. Yes, Bidenomics is a race to the bottom both economically and from a societal perspective. So far, everything is working exactly as the left has planned. The left in this country is very happy with their progress to date. Are you?

Rik
Rik
11 months ago

Bidenomics, the dumbest economic policy causing massive cost increases that even the dumbest people (Democrats) realize are making their lives miserable. Jackass Joe Biden LIES EVERYTIME He Opens His Mouth! The ONLY WAY Jackass Joe could get REELECTED IS TO CHEAT just like HE DID TO GET ELECTED!

SAW
SAW
11 months ago

Biden declared that his economic agenda is “leading to a boom.” 
Sorry Brandon, wrong kind of BOOM!

Garyk
Garyk
11 months ago

Typical marxist democrat party failed policies, designed to destroy America’s Middle class Citizens !
Check the facts, obama and biden inflation double of the Successful President Trump economy!
Wake up People, the democrats are destroying Our Country and catering to the immoral, criminal corruption and attacking regular Americans and the bedrock of Freedom!
Everything the marxist democrat party does is designed to Destroy America.
THROW THEM OUT – Save America,Your Freedom and Your Family!

Kent
Kent
11 months ago

Hey Joe , its not working.

Robert Zuccaro
Robert Zuccaro
11 months ago

Bidenomics IS working… if you’re a BIDEN. It’s not working so well for me when I’m shopping for food and have to buy generic brands or sale items like $3.00 off for a NY strip that’s turning purple!

Morbious
Morbious
11 months ago

Everything out of any dems mouth is mind…. (Rhymes with truck). Its as simple as that.

John Riley
John Riley
11 months ago

If you are on a fixed income, it is devastating. No matter how well they had planned their old age Joe is actually killing people.

Frances
Frances
11 months ago

Bidenomics is working as planned to destroy the country and turn the USA into a 3rd world country.

Jeanette
Jeanette
11 months ago

Biden is truly a Communist as is Obama..if I seem angry…I am!

johnh
johnh
11 months ago

Biden this week stated that he has cut the Federal Debt by $1.7 Trillion , but all the data that I have seen shows the Debt increasing since 2021. What is the truth & why does Biden say this if it is not the truth? Any opinions on this one?

Jackie
Jackie
11 months ago

I don’t have the money that Joe does to be able to take on his expensive and ridiculous policies!! I wish the Washington elite would ever truly care about their constituents and actual citizens! Bidenomics, the Inflation Reduction Act and many others are complete misnomers meant to further Democrat green agendas!

William Hodge
William Hodge
10 months ago

I love it when Obiden puts on his mean, unhappy face. When he’s like this I’d really like to kick him in his gonads. Oh but a man can dream….

Ken
Ken
11 months ago

It should not be called bidenomics. It should be called bidenflation.

RobinMD
RobinMD
11 months ago

Obama wanted to transform the country (with the help of Soros) and Biden has picked up where Obama left off. Yep, the democrats, independents, and republicans who voted for Obama and Biden, and other democrats in the House and Senate, job well done. You have succeeded in bringing down this country.

CLIFFORD F GERACI
CLIFFORD F GERACI
11 months ago

With Liberals “IT JUST DOESN’T MATTER”, They are spending at the same accelerated rate as the Federal Government with over $1Trillion on credit card debt. I divorced a liberal woman because she over spent and declared bankruptcy and wanted me to do the same and I said NO! Liberals don’t care about consequences because rarely do they have any.

William
William
9 months ago

This is 100%+ truth and more people need to wake up and know the truth especially the younger people.

Bob
Bob
10 months ago

The article mentions that CO2 gas is an invisible, but it neglects to point out CO2 is also heavier than air. This means CO2 gas initially flowing from a pipe rupture would travel along at the ground level as it displaces the oxygen in the air. A person remaining in this environment would eventually die from “drowning.” Over time (depending on the amount of release and weather conditions the CO2 concentration will be diluted to a point where it is less harmful. Notice the idiots in the Biden administration say nothing about this.

heil biden
heil biden
10 months ago

FJB AND THE WHOLE DEMORAT FOLLOWING DUMB ASSES

Silhouette of the President of the United States of America Donald Trump while attending a conference
1960s and 2020s; history repeats itself
Helena, Montana / November 3, 2020: Woman election official directing voter where to park and vote, man in vehicle holding ballot, voting from car outside polling station, poll worker
Red - amac action update

Stay informed! Subscribe to our Daily Newsletter.

"*" indicates required fields

26
0
Would love your thoughts, please comment.x
()
x

Subscribe to AMAC Daily News and Games