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Americans are deep in credit card debt, but Bidenomics threatens to make things even worse

Credit card debt has hit record highs – a clear sign that many Americans are struggling to stay afloat during this time of “Bidenomics.” 

Poll after poll shows that most Americans fully understand that Bidenomics has resulted in rampant inflation, massive government debt and a tougher environment for middle-class America. Unfortunately, a group of Republicans in Washington are offering no better than Bidenomics, when what’s needed are market economics and fiscal responsibility.

The guiding philosophy of Bidenomics is that the government is best suited to drive down prices and make economic decisions on behalf of Americans. This mentality has produced a host of failed policies such as hefty subsidies for electric vehicles, market-distorting price controls for prescription drugs, strict limitations on oil and gas extraction, and massive handouts for big corporations and blue state governments. 

Rather than implement yet another government “solution,” let’s instead fix the core issue driving it all – too much spending. (CyberGuy.com)

Unfortunately, while Republicans are universally attacking Bidenomics with their rhetoric, some are actually emulating Bidenomics with their policies. The latest such idea – government regulation of credit card interest rates – comes not from Sens. Bernie Sanders, I-Vt., or Elizabeth Warren, D-Mass., but rather Republican Sen. Josh Hawley of Missouri. 

Brandon Arnold is the Executive Vice President of the National Taxpayers Union, a nonprofit dedicated to lower and fairer taxes at all income levels.
 

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