Bidenomics is a failure for the U.S. Hispanic community
What would you do if someone took $11,400 out of your paycheck?
As it turns out, that’s already happened, thanks to the policies of President Joe Biden.
A recently updated report from the U.S. Senate shows just how bad the damage is. The average American family must spend over $11,400 more today just to have the same standard of living they had in 2021, and this figure is much higher in Hispanic-heavy states like Colorado.
This report is bad news for all Americans, but it is especially bad for Hispanics. And it shows, yet again, that Bidenomics is a failure.
The cost of living in Colorado has grown by nearly $15,000 because of Bidenomics
In January 2021, President Biden was sworn in as president. The federal government had already passed several massive spending bills in response to the pandemic, but the president insisted on yet another one, in addition to more taxes and greater regulation.
This report tracks the monthly impact of the president’s policies—reckless spending, higher taxation, vise-grip regulation, and economic cronyism—on the most basic of metrics: the cost of living. And everywhere, the pain is only growing. It now costs more, and a lot more, just to keep what you had.
Residents of Colorado, which is over 22% Hispanic, are in the worst position of all. The cost of living there has risen by nearly $15,000.
But the cost is rising rapidly, and especially in states with large Hispanic populations. In California, it takes an extra $13,282 to keep the same standard of living. In Arizona, it takes $13,329; in Florida, $12,939.
That’s money that’s not invested in a new business venture, or saved for your children’s college, or put toward that house repair you need. Instead, it’s going to pay for groceries and rent.
Who is feeling the failure of Bidenomics the most?
Latinos are more than capable of weathering this Bidenomics-imposed economic storm, but the reality is that inflation hits Hispanics harder than most.
The New York Federal Reserve has found that Latinos and Blacks have felt the impact of inflation more than most, because more of their income is devoted to necessities like commuting and food. You can put off buying that new car, but you can’t stop eating.
Hispanics also tend to work in industries that feel the impact of high interest rates, forcing Latino families to face an inflation double-whammy.
It is no wonder that Hispanics are so negative about Bidenomics and the future of the country. Latinos are overwhelmingly negative about the direction of the country, and all age groups are concerned that the country is declining, with diminishing opportunity for our children.
Most striking, though, is that the youngest generation is the most pessimistic. Bidenomics is a failure, and Hispanics know it.
Bidenomics is a failure, but we can fix the future
Even if Bidenomics is a failure, the future can be different.
All the failing policies of Bidenomics—higher taxation to fund more spending out of Washington, bureaucratic red tape, and Washington picking winners and losers—are based on the premise that the politicians know best. But that isn’t the case.
Instead, politicians should empower the American people to make the best decisions for themselves and their families. That means balanced budgets and fair regulation, limited taxes and a level playing field for all.
Bidenomics is a failure today, but we can learn from the failure to create a brighter future for our children and communities. Rising prices and squeezed family budgets don’t have to be the new normal. Pro-growth economic policies will expand opportunity and prosperity for all.