Kamala Harris’s Economy Could Be Worse Than Biden’s Administration

Many Americans are expressing their concerns regarding the state of the economy under President Joe Biden, and there are fears that Vice President Kamala Harris would exacerbate the situation if given the opportunity. Over the past four years, Biden’s administration has faced criticism for its significant spending which has contributed to rising inflation, impacting the daily lives and financial well-being of many citizens. Harris, seen as even more aligned with extreme leftist policies, is poised to push for an even more extensive spending agenda.

Recent data shows that national approval ratings regarding the economy are low, with Real Clear Politics indicating that Biden has a mere 38.6 percent approval rating. This highlights the growing dissatisfaction among Americans who feel they are worse off today compared to four years ago. There is a strong sentiment linking the current administration to the ongoing inflation crisis, which many believe originated during their time in office.

The Congressional Budget Office (CBO) has highlighted the significant rise in spending during the Biden-Harris administration. While spending surged during the COVID-19 pandemic, it has remained at elevated levels since, with projections indicating that, from fiscal 2021 to 2024, the administration is expected to spend $5.9 trillion more than pre-pandemic levels, resulting in an enormous deficit of $7.7 trillion. Such spending has inevitably fueled inflation, which began spiking soon after Biden took office.

In early 2021, the Consumer Price Index (CPI) reflected relatively low inflation rates of 1.4 percent and 1.7 percent in January and February, respectively. However, this figure quickly jumped to 2.6 percent in March, eventually rising to a staggering 7 percent by December. Inflation in 2022 continued its upward trajectory, peaking at 9.1 percent in June. The rates showed no signs of stabilizing throughout 2023, remaining consistently above the Federal Reserve’s target of 2 percent until July 2024.

Harris’s ambitions for economic policy appear even greater than Biden’s. Her support for the Green New Deal as a senator places her at the forefront of substantial spending initiatives. She was among the first to endorse the Green New Deal, which former CBO director Doug Holtz-Eakin estimated could amount to between $52 trillion and $93 trillion over ten years. When compared to the entire U.S. gross domestic product (GDP) of $27 trillion in 2023, this figure is astonishing, likely an underestimation considering the inflationary pressures that have emerged since that forecast.

Beyond the Green New Deal, Harris has proposed significant financial measures such as the Monthly Economic Crisis Support Act, which aims to provide most Americans with $2,000 monthly payments. This initiative has the potential to be the most comprehensive universal basic income proposal ever introduced in Congress, further underscoring her commitment to extensive governmental support programs.

Moreover, Harris has demonstrated a willingness to use executive action to implement her economic plans, as evidenced by Biden’s attempts to unilaterally cancel student loan debt. Such actions pose significant financial implications. Additionally, Harris’s stance against practices like fracking could also negatively impact domestic energy production and economic stability.

Her current economic proposals have garnered criticism for their impracticality, with some major publications like the Washington Post questioning the viability of her plans. Over the last four years, inflation driven by the Biden administration has left Americans with elevated prices—approximately 20 percent higher than when Biden took office. The Federal Reserve has raised interest rates eleven times in response to this inflationary strain.

As a result of these economic challenges, Americans have been forced to draw down their savings at alarming rates, with recent averages suggesting withdrawals of about $70 billion monthly, escalating to $85 billion since last fall. This trend raises a significant concern about financial security for many families as they struggle to keep up with rising costs.

If Biden’s economic management has left many feeling burdened, the prospect of a Harris-led administration raises even more alarm. Observers believe that her more aggressive leftist ideology may lead to policies that are not just an extension of Biden’s shortcomings but an intensification of them—creating a potentially harsher economic landscape for everyday Americans.

Given the current challenges, it is evident that Americans may face greater hardships under a Harris administration than under Biden. The financial repercussions of her proposals and ideological leanings suggest that the nation could be in for a tumultuous economic period should she ascend to the presidency.

Source: Various News Outlets