The Cost Per Family
The term “Bidenomics” has been thrown around…terms like that spring up during election years. And depending on what side of the political aisle you’re on, it means different things.
By one account, it has to do with Biden Administration policies and how they have impacted American families. Even with that definition, each side has different interpretations.
Here’s one…this Administration’s regulations have cost Americans about $10,000 per household…with projections that number will increase dramatically if there is a second Biden term.
A University of Chicago economics professor compared the regulatory records of Presidents Obama, Trump, and Biden in a study published this summer by the Committee to Unleash Prosperity.
As of the end of last year, the study shows the Biden Administration imposed new regulatory costs on American households and businesses at a pace surpassing that of the Obama Administration over the same number of years. So far, regulatory costs of $617 billion per year has been added due to new rules imposed by this Administration. At this rate, by the end of a second Biden term, the per household cost will be $60,000.
These actions include proposed action on student loans, vaccine mandates, and the like…as well as automobile fuel economy and emissions standards, along with consumer finance regulations.
The study contrasts the same time within the Trump Administration, where deregulation led to reduction of regulatory costs by $11,000 per household.
So between Trump and Biden, that’s a swing of $21,000 per household…combining Trump’s savings, and Biden’s costs.
Separate public opinion polling released around the same time as this study shows that only 20 percent of Americans believe Biden’s policies are helping them…with 83 percent of voters saying the economy is in fair or poor shape, and increase of 14 points in that negative rating from the time this president took office.
