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“I want my life back.” This sentiment is widespread and represents a significant challenge for Democrats as the elections approach in November. Here’s the reasoning.
For working- and middle-class Americans, it reflects a desire to return to a time when grocery bills or gas prices didn’t come as a shock. A more stable time when dining out wasn’t considered a luxury, unexpected expenses could be managed with savings, homeownership was a reachable goal, and purchasing a new vehicle was within the budget.
These memories take us back to the period before Democrats viewed the pandemic as a chance to reshape our economy. Remember the February 2021 article in The New York Times titled “The Biden Team Wants to Transform the Economy. Really.” It’s a topic they tend to avoid discussing lately, and understandably so.
Former President Trump addresses a campaign rally at the Georgia State University Convocation Center on Aug. 3, 2024, in Atlanta. (Joe Raedle/Getty Images)
The post-pandemic spending by the Democrats has led to “inflationary pressures we haven’t encountered in a generation,” as pointed out by economist Larry Summers. His warnings came to fruition as inflation skyrocketed, severely impacting the financial stability and aspirations of American families.
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Hence, it’s not surprising that voters are now seeking a leader who prioritizes income growth with minimal or no inflation, as opposed to rebuilding “our economy from the middle out and the bottom up” – a somewhat nebulous concept.
Ironically, Biden and Harris’ attempts to stimulate the economy “from the middle out and the bottom up” have mostly benefitted the wealthiest individuals through increased investment income.
In contrast, working and middle-class families have suffered from dwindling wages due to inflation, savings that are significantly lower than pre-pandemic levels, and record-high credit card debt. Rapidly increasing delinquencies in credit cards and auto loans suggest heightened financial strain, particularly among younger and lower-income households, as reported by the New York Fed.
Now that inflation has begun to affect the job market, a global stock market downturn threatens the value of retirement savings in 401(k) plans, potentially erasing billions in worth.
Consider the economy officially transformed.
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For Democrats, the challenge is compounded by the fact that most Americans still remember 2019, a year in which median household income reached unprecedented highs under President Trump. The poverty rate fell to a 60-year low, achieving record lows across all racial and ethnic groups. Income inequality also saw a decline.
Throughout 2019, the number of job openings surpassed the unemployment figures each month, resulting in historically low unemployment rates for Black, Hispanic, and Asian populations, with increased participation in the labor force.
It was indeed a prosperous year.
All of this transpired without the enormous government spending characteristic of the Biden-Harris administration; inflation was kept in check, averaging just 1.8% for that year. Wage growth capped off the year at 3.1%, meaning wages grew faster than prices, with interest rates low enough to make significant purchases – like cars and homes – viable.
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Honestly, who doesn’t yearn for the economic security and abundance of 2019 (not to mention peace, safe cities, and secure borders)? For working- and middle-class citizens, those were ideal times.
Then came the pandemic.
Biden and Harris assert they took on an economic mess left in the wake of the pandemic, necessitating reckless spending to avert a recession. This is a distortion of the truth.
Many governors enacted shutdowns during the pandemic, which led to a collective economic crisis that Trump managed well before the Biden-Harris administration assumed office.
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In the 10 months leading up to January 2021, over 16.5 million workers (approximately 1.7 million monthly) returned to their jobs as states reopened their economies, with Trump’s encouragement. Economic activity rebounded at a V-shaped recovery rate, with GDP soaring by an incredible 33.4% in the third quarter of 2020 and maintaining a solid 4% in the fourth quarter. Notably, the inflation rate passed onto Biden and Harris in January 2021 was just 1.4%.
The economy was poised for a complete V-shaped recovery. If not for the glaring economic mismanagement exhibited by the Biden-Harris administration’s post-pandemic spending spree, it would have swiftly fully rebounded.
If Harris wins in November, we can expect continued (or worsened) economic mismanagement. Keep in mind that she was instrumental in passing both the ironically misnamed American Rescue Plan and the Inflation Reduction Act, which are multitrillion-dollar financial initiatives that fueled inflation and prompted the Fed to hike interest rates – a situation for which she is accountable.
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Harris’ policies reminiscent of San Francisco’s approach would translate to elevated taxes, additional regulations, and increased spending. In contrast, Trump would promote tax cuts that stimulate growth and revenue, reduce regulations, back U.S. energy production, and rein in the ridiculous levels of current government expenditure (while safeguarding Medicare and Social Security). Essentially, a return to the economic rationality that clearly benefitted working- and middle-class families.
In summary, the statement “I want my life back” reflects a desire for a future rich in prosperity, peace, and economic competence that our country enjoyed under President Trump, as opposed to the ongoing turbulence and instability of the Biden-Harris era. This sentiment may well determine the outcome of this election.
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