This Fourth of July marked a poignant moment of reflection for many Americans who question the trajectory of our nation. While we commemorated the valiant efforts of our Founding Fathers to break free from monarchical tyranny, it seems as if history is echoing itself, albeit with a new form of control within our borders. President Joe Biden’s administration has enacted policies that have eroded the liberties won in 1776 and increased the burden on the hardworking men and women of this country through heavy regulation and overreach.
When Biden took office in 2021, the economic landscape was poised for recovery from the COVID-19 pandemic, with inflation rates stabilized at a mere 1.4%. However, the administration’s approach to governance has been characterized by what can only be described as fiscal recklessness and intrusive economic management. Within three and a half years, the national debt has skyrocketed by an astounding $7 trillion. The burden of this colossal debt translates to approximately $53,000 per household, with annual interest payments surging past the $1 trillion mark. Such economic policies mirror and amplify the taxation and control that King George III might have unleashed if he possessed modern economic tools.
Bidenomics, a term now synonymous with out-of-control government spending and regulatory overreach, has unleashed the highest inflation the nation has seen in four decades. The consequences for the average American worker have been dire. Despite a nominal increase in weekly wages by more than $150, the relentless price rise means that this additional income now buys significantly less. For a typical dual-income family, this reduction in purchasing power equates to an effective annual income loss of nearly $4,300.
Moreover, the administration’s economic missteps have led to elevated interest rates, skyrocketing the cost of borrowing for essential expenditures such as mortgages, auto loans, and student loans. The most striking evidence of this can be seen in the housing market, where the monthly mortgage payment for an average home has increased by 120% since Biden assumed office. The compounded effect of inflation and higher borrowing costs has, in essence, cost the average American family nearly $8,000 in annual income.
However, the executive branch is not the only one culpable; Congress bears significant responsibility for our current economic predicament. The unchecked flow of over $1 trillion annually to state and local governments has fostered inefficiency and waste, centralizing power in Washington in direct contradiction to our founding principles and the 10th Amendment. This enormous waste of resources only bolsters the activist Left’s agenda, detracting from the opportunity for prudent fiscal management.
There is no shortage of opportunities to streamline federal operations and remove wasteful spending from the federal budget. Halting the flow of funds toward special interest groups, eliminating pork-barrel projects, and defunding agencies that serve ideological agendas would be essential first steps toward re-establishing a responsible federal budget. Reducing the federal deficit would alleviate inflationary pressures, thus allowing interest rates to normalize and enabling American families to regain financial stability.
As we look forward to America’s semiquincentennial in 2026, the struggle for independence continues. This time, it is a battle to liberate ourselves from the shackles of Washington’s failed economic policies. Just as our forefathers persevered through the dark days of the Revolutionary War, Americans today must hold firm and work diligently to restore the freedoms that are the bedrock of this great nation. The journey to economic independence and decentralized governance may be fraught with challenges, but it must be undertaken to preserve the liberties and prosperity that define the American spirit.
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