“Democrats are taking an insane risk with Joe Biden,” tweets National Review editor Rich Lowry.
Democrats are taking an insane risk with Joe Biden https://t.co/Ak8quovDG1
— Rich Lowry (@RichLowry) February 4, 2024
Democrats are taking a risk with President Joe Biden, and the underlying element of the risk is that he represents a failed policy agenda.
The Democrat agenda includes a push for higher taxes. High taxes affect everyone and everything in an economy. An employee will take less of his earned income home from work due to a higher tax rate. If a person is living paycheck to paycheck, that person will be forced to make increasingly basic economic decisions. The hiring options for an employer will be fewer and more constrained due to a higher tax rate. A consumer will be forced to eliminate purchases from her budget because the dollars that would have otherwise been used for such purposes will have been paid in taxes, something that will produce a ripple consumption-reduction effect throughout the economy. The quality of goods produced or services offered by a business will be impacted because less money will be available to be spent on the quality of goods and services. Options for consumption and employment will be more limited because investors who would otherwise put capital behind innovative and entrepreneurial endeavors and start-ups will be paying more of that capital in taxes. In their effort to sell tax increases, Democrats often use phrases akin to, “Taxes will not be raised on anyone making less than (insert amount here).” But what about the reduced payroll amount for the employee making less than (insert amount here) because his or her employer had to pay a higher corporate tax rate? What about the higher price at the grocery store or gas pump that someone making less than (insert amount here) will not be exempt from paying? High taxes affect everyone and everything in an economy.
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The Democrat agenda pushes more spending, and that push has continued throughout the Biden administration despite high inflation. There aren’t enough negative adjectives to describe the high inflation that has occurred since President Biden took office, and the problem of it has persisted because of failed economic policies. The latest Consumer Price Index figure published by the Bureau of Labor Statistics indicates that inflation, the annual increase in the price of goods and services, was 3.4 percent from December 2022 to December 2023, meaning that the same goods and services are 3.4 percent more expensive than they were a year ago. For context, 2 percent is the figure the Federal Reserve has repeatedly stated is its goal for inflation. The CPI hovered between 7 and 8 percent for a full year during President Biden’s administration.
The Democrat agenda includes more regulations, something to consider as a contributing factor to inflation. If a business has to allocate more money, more time, more manpower, and more resources to comply with federal regulations, some of which are highly questionable at the very mildest description, that business will be left with less money, less time, less resources, and less hiring ability. The inevitable result will be fewer jobs, fewer goods produced or services offered, and reduced quality goods and services.
Democrats are taking a risk with President Joe Biden because he represents failing policies.
