According to a new Wall Street Journal poll, only 36% of Americans believe the American dream still holds true, down from 53% in 2012. It is clear that Americans are losing hope under Biden, and who can blame them? The average Tennessee household has to spend an extra $10,344 per year in order to enjoy the same standard of living as in January, 2021. The majority of the blame for Americans’ increasing cynicism regarding the chaotic state of the economy lies at the feet of the Biden administration. While the economic situation worsens under Bidenomics, there are steps we can take to reverse America’s decline, namely reigning in federal spending, cutting taxes, and curbing inflation.
When examining the obstacles that stand in the way of many Americans’ ability to achieve the American dream, look no further than sky-high market prices. Countless Americans are living paycheck to paycheck. While inflation has declined since hitting its peak in June of 2022, prices are still substantially higher than when Biden took office. Even with wages for the bottom 10% of earners increasing at the fastest rate in four decades over the last few years, many are still struggling under Biden. High prices are hitting Americans where it hurts, including at the pump and the grocery store. Core inflation stands at 4.02% – roughly double the target rate. And since Biden took office, overall prices have risen by 17.6%, gasoline prices have risen by 54.8%, and grocery prices have risen by 20%. Overall, inflation is costing Tennessee families an average of $862 per month, eating away at the savings of hard-working Americans. This is simply unsustainable.
One of the greatest promises of living in America is building a household in a stable economy that encourages family formation. Yet, under Bidenomics, raising a family has become unaffordable for many. The 30-year fixed mortgage rate is sky-high at 7.69%, the highest rate since 2000. To add insult to injury, for families renting homes, the rental price for primary residences has risen 15.6% since Biden took office. Compounding these issues is the fact that the U.S. is facing a major housing shortage, with the housing market short 6.5 million homes. While Biden wants to dodge accountability for this crisis, his policies are largely to blame. Because of Biden’s rampant spending, the Federal Reserve was forced to raise rates so drastically that it has robbed many Americans of the ability to buy a house. It is no wonder that scores of Americans believe the American dream is no longer a reality.
We must tackle the economic crisis facing our nation head-on. We can do this by extending former President Trump’s Tax Cuts and Jobs Act in order to spur business growth and guarantee that middle-income Americans end the year with more money in their pockets. It’s time we freeze federal hiring in order to crack down on the increasingly bloated administrative apparatus. Finally, this means slashing federal spending. Congress should adopt my across-the-board 1%, 2%, and 5% spending cuts that I introduce every Congress in order to tackle the deficit and steer our country toward fiscal responsibility. Americans have to balance their budget every year – the federal government should have to do the same.
Americans are financially strained because of Biden’s reckless spending policies that have fueled inflation and forced the Fed to raise rates, to the detriment of American families. The American dream should be attainable for Americans once again. We need to restore sound economic policies to Washington so that Tennesseans can receive the economic relief they deserve.