The Inflation Toll: Biden/Harris Policies and Texas’ Economic Struggle
As Texas grapples with unregulated and irresponsible spending on behalf of state legislators, the economic policies of the Biden/Harris Administration have cast a long shadow over the Lone Star State’s desire for economic freedom. Despite Texas showcasing 4.1% unemployment rate and a GDP growth of 3.5% in Q2 2024, the specter of inflation, driven by this administration’s fiscal insanity, threatens this prosperity.
Inflation Surge: The Result of Bidenomics
Since January 2021, the cost of living has escalated alarmingly. Grocery prices have surged by 21%, and energy costs by 38%. This isn’t mere economic fluctuation; it’s the tangible impact of Bidenomics, where unchecked spending has fueled inflation. Texans now face an additional $11,400 annually to maintain current living standards, a direct outcome of policy choices prioritizing spending over fiscal prudence.
Government Spending: The Catalyst for Inflation
The Biden/Harris approach to post-COVID economic recovery was characterized by mass spending. Programs like the American Rescue Plan flooded markets with liquidity, not matched by productivity, stoking inflation. The “Inflation Reduction Act,” a misnomer, only underscores this administration’s total misunderstanding of inflation’s roots and basic economic and monetary principles, exacerbating America’s economic duress.
Deficit and Debt: A Legacy of Economic Burden
Under this administration, the national debt has ballooned by over $7 trillion in three years, with 2024 projections adding $2 trillion more. This isn’t strategic investment but a debt burden for future generations, translating into higher taxes and costs for Texans, stifling economic opportunities.
Free Market Challenges
In Texas, where markets are relatively more free compared to many other parts of the country, Bidenomics introduces government overreach. Businesses face an environment where government intervention becomes the norm, potentially stifling the entrepreneurial spirit. This direction not only distorts market dynamics but undermines the economic freedom Texans cherish.
The Defense of Bidenomics: A Fallacy
Supporters might argue that inflation was global or recovery measures were necessary. However, the spending scale and regulatory policies tell a different story: Inflation, fundamentally a monetary phenomenon, has been worsened by government expenditure not backed by productivity.
A Call for Fiscal Sanity
There’s a pressing need for a return to fiscal responsibility, where government supports economic freedom through free market principles, not through government largesse.
Texans for Fiscal Responsibility identifies Bidenomics as a deviation from these values, steering towards a future of continued rampant inflation, debt, and government control.
Kamala Harris: More of the Same
Kamala Harris, as Vice President, has been complicit in the implementation of Bidenomics, endorsing and promoting policies that have led to these economic woes. Her presidential campaign, built on the foundation of Bidenomics, promises not a departure but a continuation of these detrimental policies.
Harris’s “opportunity economy” is but a repackaged Bidenomics, suggesting an expansion of government intervention rather than a shift towards economic freedom. Her policies, like expanding the Affordable Care Act, are set to further increase the federal budget deficit, potentially by $1.7 trillion over a decade. This isn’t economic foresight but a doubling down on policies that have already proven burdensome for Texas and its economy.
Securing Texas’ Economic Future
Texas, as has often been the case in recent years, stands at a crossroads. While still relatively economically strong, the rapid rise in State government spending, local debt and induced inflation under Bidenomics pose significant risks. Embracing lower taxes, true spending restraint, and market-driven reforms can secure Texas’ economic future. However, with Harris’s bid for the presidency, this path looks increasingly threatened by more of the same fiscal irresponsibility.
The Fight Against Bidenomics and Harris’s Vision
Opposition to Kamala Harris’s presidential run isn’t just about rejecting her as a candidate; it’s about safeguarding Texas from the economic policies that have already harmed its citizens. Her vision, built upon Bidenomics, threatens to deepen the economic assault on the American Dream.
Texans must advocate for policies that mitigate the immediate effects of inflation and prevent such economic missteps in the future, ensuring not just economic recovery but preservation of the economic ethos that defines Texas.
Texans for Fiscal Responsibility relies on the support of private donors across the Lone Star State in order to promote fiscal responsibility and pro-taxpayer government in Texas. Please consider supporting our efforts! Thank you!
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