When Vice President Kamala Harris declared she had "no regrets" about the economic policies pursued by the Biden administration, it may have left Americans scratching their heads as inflation continues to erode their purchasing power. With consumer prices at record highs and households struggling to make ends meet, it's clear that doing nothing different may not be the winning strategy Harris thinks it is. In this post, we explore the key differences between Biden's inflationary approach and Trump's economic policies, which focused on cutting taxes, reducing regulation, and promoting energy independence.
No Regrets? No Results.
During a CBS interview, Harris endorsed Biden’s handling of the economy, despite inflation continuing to hit levels unseen in decades. The cost of everything from groceries to housing has surged, putting strain on families who must now budget for essentials more than ever. While Harris may have "no regrets," the American people are left grappling with financial pressures that won’t subside by simply maintaining the status quo.
Trump's Economic Blueprint: Tax Cuts and Deregulation
One of the most significant differences between Biden's policies and Trump’s economic blueprint is the focus on tax reductions and deregulation. The Tax Cuts and Jobs Act of 2017 significantly lowered corporate tax rates, incentivizing businesses to reinvest and expand. Trump’s administration pursued over 800 deregulatory actions that allowed businesses to grow without the red tape, resulting in lower consumer prices and a more robust job market.
Biden's Spending Spree vs. Trump’s Stability
Harris and Biden's approach to managing the economy heavily emphasizes government spending. The American Rescue Plan poured nearly $2 trillion into the economy, spurring inflation as demand surged while supply struggled to keep up. In contrast, Trump’s policies focused on fostering private sector growth through tax incentives and minimal spending, aiming for economic stability rather than temporary boosts.
Energy Policies: The Impact on Gas Prices
The difference in energy policies is stark. The Biden administration’s decisions, such as halting the Keystone XL pipeline and imposing restrictions on oil drilling, have led to rising fuel costs. With gas prices soaring, the ripple effect on the cost of goods and services is palpable. During Trump’s tenure, America was on a path to energy independence, resulting in stable fuel prices that benefited consumers. The U.S. Energy Information Administration reported increased oil production during Trump’s administration, keeping prices at the pump manageable.
How Regulatory Overreach Fuels Inflation
Regulations have made a comeback under the Biden-Harris administration, driving up costs for businesses and consumers alike. Trump’s approach to deregulation helped reduce operational expenses, easing price pressures. With the current administration reinstating stringent rules, from emissions standards to labor policies, the cost of compliance trickles down to consumers, feeding the inflation fire that everyday Americans are struggling to put out.
Harris’s Approach: Doing Nothing Different and Expecting Different Results
Harris's "no regrets" declaration signals a continuation of policies that have contributed to ongoing inflation. Without addressing the root causes of rising prices, the administration is essentially betting on a losing hand. A return to Trump’s policies of tax cuts, deregulation, and energy independence could provide the relief Americans need. Until then, the "no regrets" approach will likely leave the public regretting this administration’s economic choices.