Harris’s economic policies increase costs for struggling families


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In recent years, numerous long-standing neighborhood stores have shuttered their doors, unable to weather the storm of escalating inflation and crime rates under the current administration. Those that managed to stay afloat have been forced to raise prices by at least 20% since the current administration took office.

Jason Smith, Chairman of the House Ways and Means Committee, has been vocal in his criticism of the administration’s economic policies, highlighting their detrimental impact on American households. Under the current administration, the cost of living has surged by over 20%, making it increasingly challenging for families to afford basic necessities. Real wages have declined, with inflation consistently outpacing wage growth for more than two years.

The financial strain on Americans is further exacerbated by soaring interest rates, which have reached a 23-year high. This has led to skyrocketing mortgage costs and credit card debt exceeding $1 trillion. Families are depleting their savings, with personal savings rates falling below pre-administration levels. More than one-third of households have incurred late fees in the past year due to financial difficulties.

Chairman Smith argues that proposals to eliminate previous tax cuts would place additional burdens on already struggling Americans. He contends that the administration’s continued reliance on increased federal spending is stretching many families to their financial limits.

In contrast, Smith suggests that previous economic policies, including tax cuts and deregulation, would be more beneficial than the current administration’s economic plans. He warns that proposals for costly government programs and giveaways risk inflating the national debt and further fueling inflation.

Critics argue that the current administration’s message resonates primarily with those who consume rather than pay taxes. Their promises include addressing the cost-of-living crisis, eliminating student loan debt, reducing housing costs, tackling perceived “price gouging,” and removing medical debt from credit reports to increase borrowing access for uncreditworthy individuals.

These policies are not only aimed at citizens but also at the millions of undocumented immigrants who entered the country during the current administration. This approach, critics argue, is expanding the population dependent on government assistance while shrinking the taxpaying base, potentially leading to a situation where taxpayers are outvoted by those who primarily consume tax-funded resources.

Detractors liken the current administration’s approach to Soviet-style policies, suggesting that their promises will require higher taxes on working Americans and increased money printing and debt creation, both of which could drive up inflation. While some media outlets suggest the current administration would add less to the deficit than previous administrations, this assumption relies on their ability to implement and enforce controversial policies, such as taxing unrealized capital gains.

Economic projections indicate that the current administration’s proposals could increase the national deficit by approximately $3.5 trillion over the next decade. Critics warn that plans to impose a 44.6% capital gains tax and a 25% tax on unrealized gains could discourage investment, reduce job creation, and drive up prices and costs.

Furthermore, the current administration’s proposed solution of implementing price controls is criticized as reminiscent of communist policies that have historically failed to provide a better standard of living than market-driven economies with strong protections for personal rights and freedoms. Critics argue that departing from these free-market principles risks undermining America’s economic stability and growth.

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