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The Staggering Cost of Biden’s Executive Overreach

Posted on Thursday, May 23, 2024
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by Shane Harris
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52 Comments
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It’s no secret that Joe Biden’s out-of-control (and oftentimes illegal) spending has dealt a severe blow to Americans’ wallets. But according to an analysis from the House Budget Committee, the total cost of Biden’s executive overreach, both in terms of direct withdraws from the Treasury and downstream effects on the U.S. economy, may be even higher than previously thought – an eye-watering $2.043 trillion.

The committee’s breakdown of Biden’s flood of executive actions reveals a pattern of egregious spending aimed at helping Biden’s political allies and advancing far-left policy priorities.

For instance, Biden’s student loan repayment “pause,” which he extended six times even after himself declaring the pandemic was over, will cost taxpayers $165 billion. His latest plan to cancel student debt (read: transfer the debt to everyone but the people who took out the loans), which the Penn Wharton Budget Model analysis says “about 750,000 households making over $312,000 in average household income” would be eligible for, came with a price tag of $150 billion. Another loan forgiveness scheme would cost an additional $350 billion.

Biden also unilaterally forced more than 600,000 Americans already on employer healthcare to go on Obamacare, a move that appears blatantly illegal. That cost taxpayers $34 billion more.

Another Biden executive overreach, a rule requiring federal contractors to begin paying their employees a minimum of $15 per hour which went into effect in 2022, has already cost the American economy an estimated $3 billion. With 19 million people on the payrolls of government contractors, this policy will keep costing Americans indefinitely.

Just one of Biden’s regulatory actions, the Environmental Protection Agency’s tailpipe vehicle emissions rule, is expected to cost the U.S. economy roughly $870 billion. That nearly matches the $890 billion total price tag of Obama’s regulations throughout his entire eight-year presidency.

As House Budget Committee Chairman Jodey Arrington noted in a statement following release of the analysis, the price of Biden’s presidency for the American people is “45 times the regulatory costs accumulated under President Trump and almost five times the regulatory costs added under President Obama.”

Moreover, the American people have incurred all of this cost without a single vote on Capitol Hill, seeming to violate the Constitution’s provision that Congress should have the “power of the purse.”

According to another report published last July by the Committee to Unleash Prosperity, a budget watchdog group, Biden’s regulations had already cost every American household about $10,000 on average – a figure that is undoubtedly even higher now. As The New York Post reported at the time, “should Biden’s regulatory trajectory keep pace with that of his former boss, Barack Obama, the cost will skyrocket to roughly $60,000 per household by the end of Biden’s possible second term in office.”

By comparison, the same study found Trump’s program of targeted deregulation led to roughly $11,000 in savings per household – a more than $20,000 swing from the current situation under Biden. Another four years of Trump would’ve saved households another $10,000.

That contrast could be a major factor in the rematch between Trump and Biden this November, particularly as inflation and a cost-of-living crisis continue to plague the country. The inflation rate was 3.4 percent in April, below the 40-year-highs seen earlier in Biden’s presidency but still well above the norm.

Overall, prices are up nearly 20 percent since Biden took office as measured by the Consumer Price Index, a point that former President Donald Trump has hammered during his recent campaign stops. “It’s like a sales tax, but much bigger, more painful, and more destructive, because all of the money goes to pay for Joe Biden’s wasteful inflation spending like the Green New Scam,” Trump said of the increased costs under Biden.

“Not one thing is cheaper under Crooked Joe. Food, gas, cars, trucks, rent and mortgages, they’re all through the roof,” Trump continued. “The whole country is going to hell because of this guy… it’s a massive wealth confiscation from the people who need it most.”

At the same time, the national debt has continued to balloon, crossing $34 trillion earlier this year and on pace to add another $1 trillion every 100 days. This week, interest payments on the national debt surpassed total spending on defense and Medicare, topping $514 billion so far this fiscal year and set to go even higher in the months ahead.

The U.S. federal debt-to-GDP ratio has also reached a new high of 122 percent. According to the Penn Wharton Budget Model, once that figure reaches 200 percent, “no amount of future tax increases or spending cuts” could prevent the government from defaulting on the debt, leading to “catastrophic repercussions in the United States and in markets across the globe.”

Any way you look at it, Biden’s presidency is costing Americans big, both in terms of their current financial situation and the country’s economic future.

Shane Harris is a writer and political consultant from Southwest Ohio. You can follow him on X @shaneharris513.

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Marilyn R. Grainger
Marilyn R. Grainger
26 days ago

Biden is so arrogant and his behavior is so outrageous I find it hard all voters can’t see this. He is deliberately doing all these things to buy votes. What a nut case.

Ray Doyle LFP, WA
Ray Doyle LFP, WA
26 days ago

There is absolutely no excuse to vote for any democrat anywhere.

goldeneagle1947
goldeneagle1947
26 days ago

If you vote for ANYONE with a ‘D’ after his/her name, you are part of the problem.

Carol
Carol
26 days ago

Why are the elected politicians doing NOTHING about the scum so called president. We all know that scum is deliberately crushing America. GET HIM OUT!! He’s doing his best to ruin everything for Trump.

Bonnie
Bonnie
26 days ago

“Plans will also relieve some longer-term student debt for about 750,000 households making over $312,000 in average household income.” I thought I was reading that incorrectly until I pasted it from the Penn Wharton Budget Analysis. If your income is that high you don’t need financial help.

Melinda
Melinda
26 days ago

And Biden’s likely take? Suck it up, suckers! While the mindless man limps out of office with his millions.

Allan Terry
Allan Terry
26 days ago

Joe Biden’s political move to gain more votes from people having unpaid student loans may backfire. Far more people would pay for his loan “forgiveness” (debt transfer) plan than would benefit from it.
Where is the evidence that our society overall would benefit from Biden’s plan? Do any documented cases exist wherein people have starved to death or were evicted from their homes because they used their incomes to pay-off student loans instead? I haven’t found any!
If Joe Biden is reelected this November, he has promised to let the Trump tax cuts we now enjoy expire in 2025. He plans to increase taxes elsewhere. People having student loans partially repaid by everyone else will still be sorry if they vote for Biden. They will pay much more at the grocery store, gas station, and tax preparer with no end in sight.

At a place where truth rules
At a place where truth rules
26 days ago

I hope his illegal action is prosecuted, and with a new AG, ALL who were involved are. The latest and continuing issue of COVID was altered and by so many illegal monetary gains made by people who were supposed to represent Americans, what? I understand a multi-million civil suit is in the making to sue for American taxpayers not having to pay for this and to put that responsibility where it belongs, on the borrower. Free – is a misnomer and far too many carry the phonies.
If the (some/many) Democrats cannot stand on their own two feet (what do the dossiers say about them? – a question now being asked. Then prosecuting them too is in the works, so I understand.
Written (author not recalled), “This cannot stand; the name Biden is forever cursed by millions, as are the illegal acts by many who are supposed to represent all citizens, not the hordes of illegals, clandestine military from communist countries, illegal spending of tax money, etc., and the despicable haters who are clueless dweebs.”
Elections matter, but the lethargy of American citizens, reported by many, also contributes. But we all expect fraud, which will, according to multiple publications and replies, be another internal breaking point, but with a devastating response. We can do better, and we need to clear the politics from America and vote for individuals held to multiple conditions, which is required in a timely manner. This is widely reported and a cause of frustration, anger, and concern.

Linda
Linda
26 days ago

The only thing I can say about this communist is President Trump better be re-elected in November or we are doomed to live in communism and poverty! May God Bless President Trump and the United States and protect us against obidenama and his evil communist regime! This is not what our military men and women have fought for and died for and this goon makes me ???? every time I see his mug and hear his voice.

Thinking
Thinking
26 days ago

No tax increase for those making less than 400,000 dollar a year. But inflation and many executive orders are costing all of those making less than that thousands of dollars more just to live. But Bidenomics works ole Joe keeps saying. Well he can never say a correct number therefore he thinks we are all making 400K a year. I would like for him to go to the grocery store every week with a family of four who make 60K a year and see how well off they are. Throwing money at a project is all Obiden knows for he wants to make all of us poor so we become dependent for our existence on ole Joe. The line that it is a confiscation of our wealth is so true. It started under O. Trump let us keep our money and we even made some money till ole Joe. Obiden set forth what O started and people still vote for him. Why? I guess there will always be people that make idols out of people till they find out they have faults like everyone else. Nobody is perfect. Measure people by the good they have done and ole Joe has nothing under the column Good.

Fran
Fran
26 days ago

If I ran a business this way I would be broke in a month….gotta get one of those “money printin machines” !!

Irv C
Irv C
26 days ago

I don’t get it. This idiot psuedo Pres needs to be jailed. He commits treason daily and he’s a complete buffoon.

Brenda Morphew
Brenda Morphew
26 days ago

Stop Executive Action that causes money spent!

John Bass
John Bass
26 days ago

Another great article but I don’t give a Rat’s @ss about any of it. Because most of it, to me anyway, seems to be all illegal executive actions. As with illegal aliens, the first word illegal tell me everything I need to know.
The man is so corrupt, yet somehow he’s allowed to continue to do as he pleases. Are we that complacent or stupid as to allow it to happen, even though it’s illegal?
If so, then we deserve what we get.

End of story.

John
John
26 days ago

It is not just Biden it is the entire Socialist Democratic Party! They must be stopped at all cost!

Granny26
Granny26
26 days ago

VOTE THE A**HOLE OUT!!! He’s in office fraudulently to begin with but hopefully we can get his sorry butt out of the white house this year.

Philip Seth Hammersley
Philip Seth Hammersley
26 days ago

These full-on COMMUNISTS need to be eliminated! Add to that the anti-Semitic terrorists and the mentally-ill sex perverts!

Ronald
Ronald
26 days ago

We can not afford this idiot anymore!! He is destroying America as told to, for control, OVER you! Biden also unilaterally forced more than 600,000 Americans already on employer healthcare to go on Obamacare, a move that appears blatantly illegal. He does not care if it is illegal. What he has done to our once under control border, from Trump, is illegal and is against the oath he swore to with his hand on a Bible. VOTE HIM OUT, all all the liberal marxist democrats.

uncleferd
uncleferd
26 days ago

Seems that “Biden Buffoonery” may already have caused enough financial harm to completely undermine our national security.
Putin and Xi are now far more flamboyant about posing threats.
I say we should give our “President” a good bath at the neighborhood kennel, a hair trim, new collar, leash, and a rawhide chew… and then have him wear his new collar and leash to the Xi residence… where he could live out the rest of his days in a way that’s more fitting for him… dozing on the floor, at the feet of his Chinese master…

Randall L. Beatty
Randall L. Beatty
26 days ago

People think he is so great giving taxpayer money away but wait till time for repayment to keep this country going then those that thought he was so great will find out what he has really done when taxpayers have to live with very high taxes then the truth will hit all the Dems that voted for him will find out the hard reality of what that guy and his great VP have done.

Robert Zuccaro
Robert Zuccaro
26 days ago

According to CNNs diligent investigation, the WH is serving buttered lobster for the state dinner for the President of Kenya; I imagine that comes with a hearty, delicious clam chowder as well! Gee, wish I could eat that well… I’m planning a $5.98 wild caught baked salmon with baked cheesy potatoes tonight. And don’t tell me how “thankful” I should be having that. My point is Biden eats what he wants because it’s DELICIOUS while I eat what I can afford!

ROBIN
ROBIN
26 days ago

I hope Biden himself gets sued and has to pay this debt forgiveness off out of his own pocket…

David Nelson
David Nelson
26 days ago

This crap has got to stop before America can not recover!

Tim Toroian
Tim Toroian
26 days ago

And some dunces accused Trump of unconstitutional authoritarianism.

invictus
invictus
22 days ago

There should be no doubt that the inept KKKJoe Biden comes off and conducts himself like the shady politician from planet vulcan often spoken about that decent people should avoid in voting for.

Julies
Julies
24 days ago

After seeing that 70% of Americans took the clot shot and watching the documentary 2000 Mules, I no longer have faith that upcoming elections will result in a Republican President; while I pray our country can be turned around, we are on pace for a socialist regime.

DrScottD
DrScottD
24 days ago

I’ve been saying this for years.
We the People must have an ARTICLE V SECTION 2 CONVENTION OF STATES FOR A BALANCED BUDGET Of Federal Government.
No more debts without a full on Declaration of War by Congress.
Others suggested Term Limits Amendment for US Congress and government officials.

johnh
johnh
26 days ago

Biden does not understand economics & his economic advisors must have been at bottom of class. At least , Biden is not trying to control the Fed Reserve like Trump was attempting.
Still cannot believe that a business person like Trump would think Zero interest would be good for America.

And , do not forget his idea to put Social Security into the General Fund and real reason.

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