Will the Cost of Living Increase for Middle-Class Families Under Joe Biden?

It has been observed that under the current administration, the cost of living for the average middle-class family has seen a significant rise. From gas prices to grocery bills, and home heating to insurance, the entirety of daily expenses has been on the rise.

The Theory Behind the Cost Increase Under Biden

There is a commonly held belief that when Joe Biden becomes the President, the cost of everything for everybody will skyrocket. This theory is based on the claim that he intends to raise taxes and halt the extraction of energy within the United States. According to advocates of this view, this would double the prices of essential goods and services that Americans rely on, such as gas and energy.

Analysis of the Arguments Against Increased Costs

However, there are compelling counterarguments to these claims. Opponents argue that under President Trump, concerns about the housing crisis and the plight of those experiencing homelessness would only worsen. Furthermore, the loss of healthcare coverage, particularly for preexisting conditions, would lead to fewer options for covering medical expenses. Critics also point out that under the Trump administration, tariffs were implemented, leading to higher prices for American consumers, much like they would under a potential Biden presidency.

The Reality of a Biden Presidency

Despite these arguments, it is evident that, like under the current administration, the cost of living will indeed increase under a Biden presidency. Here are some specific points of concern:

Energy Prices: In the first six months of a Biden term, energy prices are expected to rise by a third, and within two years, they could double. Offshoring of Jobs: The Biden administration has promised to eliminate tariffs, which are expected to result in tens of thousands of jobs moving offshore as foreign products become more competitive. Immigration: Biden plans to increase immigration, which could impact wages in various sectors, from programming to laboring. Policy Changes: These changes could have a profound effect on the daily lives of Americans, making it difficult for them to plan and budget.

Comparing the Views of a Non-Partisan Voice

A seasoned Republican, who lived in Delaware, offers a nuanced perspective. He emphasizes that many Republicans once upheld principles of small government, free markets, and individual rights. However, the Trump administration has led to significant national debt, raising concerns about the impact on future generations.

This individual also argues that while the Republican Party under Trump has taken a reactionary stance on various issues, Joe Biden is better suited to provide stability and support for the middle class. Biden's experience in managing the economy during the 2008 financial crisis, coupled with his plan to invest in scientific research and technology, could potentially mitigate the increased cost of living.

The Economic Philosophy of Both Sides

The economic philosophies of both sides have been heavily debated. Critics of the current administration contend that policies favoring corporate profits have not resulted in job growth and have instead contributed to increased national debt. On the other hand, supporters of Biden argue for economic regulations, healthcare security, and infrastructure investment to drive long-term economic growth.

Biden's promise to lower taxes for the working and middle classes, coupled with a proposed minimum wage increase and expanded access to vocational training, could help stabilize the economy and reduce the cost of living.

Ultimately, the cost of living will likely increase under a Biden presidency, but the extent and manner of this increase will depend on how his policies are implemented and the economic environment at the time. As a concerned citizen, it is essential to stay informed and engaged in the political process to ensure that the right policies are put in place to support the middle class.