“Bidenomics” Puts the American Dream Out of Reach
By Sen. John Thune
Persistently higher prices have wreaked havoc on hardworking South Dakotans. A typical South Dakota family has to spend $11,849 more per year just to maintain the same standard of living they enjoyed just three short years ago when President Biden took office. Just keeping pace with the constant price hikes that have come to characterize the Biden economy has proved difficult for many Americans, and the increase in the cost of living has made it difficult to get ahead.
One recent news story noted, “Since early 2020, prices have risen about as much as they had in the full 10 years preceding the health emergency.” In other words, Americans have experienced 10 years of price increases packed into just four years, and the lion’s share of these price hikes has occurred during the Biden administration. There has been no relief from higher prices at the grocery store, growing electricity bills, higher rents, and expensive car repairs. Unfortunately, at this point it’s clear that today’s high prices are here to stay.
Inflation didn’t come out of nowhere; it’s the result of too many federal dollars chasing too few goods and services. And that’s exactly the situation the Biden administration and Democrats helped create in 2021 when they passed a massive, partisan $1.9 trillion spending bill. This reckless bill flooded the economy with unnecessary government money, and the economy overheated as a result. Almost three years removed from this misguided spending, we’re still dealing with the inflation crisis that President Biden and Democrats’ spending helped create.
The economic pain caused by inflation has left Americans cutting back on their spending, taking on more debt, and falling behind on their bills. A majority of voters say they are worse off financially in the Biden economy. Yet President Biden has taken to attempting to sell a supposed record of economic accomplishment under the banner of “Bidenomics.” In a recent speech, he declared that “Bidenomics is just another way of saying ‘the American Dream.’” But for Americans struggling to keep their heads above water, “Bidenomics” has proved to be more of a nightmare.
By one key measure, owning your own home, the American dream is increasingly out of reach for many Americans. The higher interest rates that the Federal Reserve was forced to put in place to help rein in the Biden inflation crisis has meant more expensive mortgages, which, combined with higher home prices, has eroded prospective homebuyers’ purchasing power. According to one analysis, the average monthly mortgage payment on a typical home is about twice what it was in late 2020. High inflation has unfortunately made the American dream a dream deferred for too many.
It’s been a challenging few years for the American people. Amid higher prices, it’s been difficult for many working families to catch a break. And I’m afraid the effects of “Bidenomics” will continue to compound and further strain families’ already-stretched budgets.
