Contrary to claims from the Biden administration, the inflation that Americans are seeing today boils down to heavy spending from the federal government.
As it turns out, the president’s $1.9 trillion American Rescue Plan is a major factor in today’s inflation.
Biden was warned about this; however, he chose not to heed these warnings. In fact, Biden worked around Republicans in Congress, getting this spending package passed only with Democratic lawmakers’ votes.
Inflation today is higher than where it’s been in four decades. It’s also led to the Federal Reserve boosting the current interest rates Americans have to pay; this is a measure that multiple economists believe will eventually cause a recession.
Unfortunately, despite all the damage that careless federal spending has done, Biden still has yet to learn anything.
Another Spending Proposal From the White House
As it turns out, the president is on board with a policy that would provide “free” preschool classes. This is something that Biden campaigned on back in 2020 and is all too eager to implement, amid his disastrously low poll numbers.
However, if the president were to succeed in legalizing this initiative, it would cause a massive $350 billion tab for America within just one decade. That’s not to mention the impacts that “free” preschool would have on baseline-relevant, national debt.
— RNC Research (@RNCResearch) June 2, 2022
This policy could cause a 2.4% surge in federal, baseline-relevant debt by the time 2053 rolls around.
At the same time that “free” preschool continues to be part of the president’s agenda, he’s also looking into waiving student loan debt.
The redistribution of student loans would only serve to burden American taxpayers during a time when inflation is already making their lives much more difficult.
Good Talking Points, Bad Policies
On the surface, not having to pay for preschool classes may seem appealing to some people. After all, childcare in America today is expensive.
However, the logistical consequences of reforms like “free” preschool are not so appealing. Just like the initiatives to “forgive” student loan debt, waived preschool fees would absolutely come with a price tag later down the line.
In the context of his mano-a-mano battle with Bernie Sanders to end the Democratic nominating process, Biden looked like a relative moderate.
— Senator John Cornyn (@JohnCornyn) April 29, 2022
The reality that “free” handouts are always eventually paid for can be seen today. In 2020 and 2021, for example, Americans were granted stimulus checks and other structures of “free” money.
Today, people are paying this money back via skyrocketing inflation; this inflation could very well last for years, according to BlackRock CEO Larry Fink.