An esteemed economist and eminent budget watchdog recently raised the alarm over the dire consequences and soaring cost that Biden administration policies are imposing on ordinary American households. Warning of an imminent economic “crisis” that echoes distressing times not seen in years, University of Chicago professor, ex-chief economist at the White House Council of Economic Advisers, Casey Mulligan, voiced grave concerns about the repercussions of the current fiscal trajectory on Fox & Friends: “This is an across-the-board human capital crisis like we haven’t seen for decades. And that’s hurting our economy, and it hurts regular people in their everyday lives.”
Bidenomics means the industries of the future are going to grow right here at home. pic.twitter.com/SUoViMbB7l
— President Biden (@POTUS) July 3, 2023
A recent report authored by Mulligan served as a damning indictment of the fiscal impact of three different administrations: the Obama, Trump, and Biden eras. The data puts into stark contrast the hefty $10,000 worth of additional charges burdening U.S. households under the Biden administration, mostly sourced from automobile, fuel economy, and emissions standards. Intriguingly, the data also highlighted an alternate economic reality, under a hypothetical second Trump administration, foreseeing an average American household saving approximately $21,000 over eight years.
Mulligan outlined a grim catalogue of hardships mounting under the Biden administration: “Workers are not able to be as productive as they used to be. We see it at the school level; the kids aren’t learning. Wages aren’t keeping up with inflation. That’s the other side of the productivity coin. And then a lot of people are dying, and not from COVID, from more than normal deaths, from traffic accidents, diabetes, heart attack. I could go on and on.”
Mulligan’s report doesnt just stop at direct costs either, it also warns that at the current pace of regulatory cost increases under Biden’s administration, we could be staring down the barrel of a shocking $60,000 loss for American households should Biden get re-elected. The professor stressed that executive orders and agency rulemaking in industries like healthcare and telecommunication—outside of energy policy—add significantly to these potential extra costs.
The encroaching swarm of regulations under the Biden administration, argues Mulligan, are compounding with underlying economic factors like stagnant growth, low productivity, and inherent inflation pressures to create a tipping point for American consumers. On the other hand, he recounts a starkly contrasting picture under the Trump administration, which had for the first time in U.S. history introduced “a budget for the regulators,” leading to commendable outcomes, including the slashing of redundant regulations.
Despite this mounting criticism, President Biden vigorously championed his economic policies, now dubbed “Bidenomics”, this week. Unfortunately, this comes at a time when polling data suggests that the American public’s confidence in his command over the U.S. economy is depressingly low. Furthermore, attempts to request a comment from The White House Council of Economic Advisers by Fox News Digital on these findings went unanswered.
The quantitative and qualitative evidence presented by Mulligan provides a sobering perspective, and reinforces the growing worry that the average American household is being slowly crushed under the weight of the Biden administration’s economic policies. The question that remains is whether they will continue on this perilous path, ignoring the alarm bells, or start reevaluating the potential downstream consequences of this regulatory onslaught. The rapid response required to correct this fiscal course will be a defining moment for the administration, demonstrating whether it truly has the American populace’s best interests at heart. With each passing day, the future prosperity of millions of households hangs in the balance.