As bottom-line assessments and conversations occur every day in America, businesses and families want economic prosperity. But in these uncertain times, restlessness and fear of unsustainable fiscal instability creep into the minds of all of us.
The bottom line is an assessment made by businesses on hiring, firing, expanding, and closing. It is not meant to be personal, but it often is personal as employers consider the impact on employees and families.
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It is also late-night conversation among couples pouring over bills at the kitchen table while the children are fast asleep. These conversations are as personal as they get. What's the Christmas budget? Can we make it on one income? Will we ever get ahead again?
These questions are the result of President Joe Biden 's failed economic agenda. Bidenomics is not a success story of rescuing the American economy following the pandemic. From the Biden stimulus package, or the "American Rescue Plan," to the Green New Deal known as the "Inflation Reduction Act," Bidenomics is the result of a big government agenda that has been a mission for the radical Left since former President Lyndon B. Johnson and the Great Society — a mission intended to create increased government dependency. Republicans on the Joint Economic Committee released a report this year showing the average cost increase for average households in America since Biden took office is $11,434.
In my home state of Virginia, the cost of living has increased by $12,230. Biden's policies cost average households $45,000 to $50,000 over a four-year term.
But what about not-so-average families? Remember, the average household is just 2.6 people. If you are a family of four, six, or larger, Bidenomics is probably crushing you. When inflation peaked at 9.1% in June 2022, it was clear the hollowing out of the middle class was not an accident but was a purposeful mission of a Democratic Party that is now unrecognizable to your parents. In fact, in 2022, Pew found that 57% of Democrats had a positive view of socialism.
The cumulative effect of inflation since Biden took office has totaled 17.62%. Inflation is the hidden tax increase on the middle class. Few middle-class workers have seen a 17.62% wage increase over the same period. And while the Biden administration touts a cooling inflation rate of 3.2%, that rate is well above the 2% target inflation rate and is on top of historic inflation already endured during Biden's presidency. Polling consistently shows the public disapproves of Biden's handling of the economy. According to a November Gallup poll, Biden's job approval rating is a measly 37%, including just 32% approval of his handling of the economy. Only 24% of independents approve of his handling of the economy.
What is clear is the economy is not a partisan issue. It's the difference between a job, two jobs, or no job. It's the difference between a full grocery cart and a half-empty one. It's the difference between homeownership, high rental costs, and homelessness. It's the difference between keeping a home warm, wearing a jacket inside, and using extra blankets.
Political fear caused an economic crisis, and it will take political courage to reverse course and improve the economic situation for all Americans. Restoring energy independence, enacting pro-growth tax reforms that incentivize job creation, risk-taking, and entrepreneurship, and deconstructing the administrative, regulatory state that crowds out investment and innovation are just a few ways policymakers can get the economy humming again so that household costs decrease.
It is also imperative for Washington to responsibly address the debt crisis that has resulted in a $33 trillion national debt. The apprehension to enact a balanced budget amendment to the Constitution is irresponsible and mind-boggling. If a family must live within a budget, so must the government. In 2024, American voters will make a choice between a radical ideology and kitchen table issues such as the costs of food, gas, and housing. And if you're a family of four or larger, you've got to ask yourself: Is my family better off today than we were in 2020?
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You know the answer. Do something about it.
Scott Parkinson is a U.S. Senate candidate for Virginia.
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