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Workers feel Bidenomics pain as job creators fear worse from Kamala
As much as American workers feel the detrimental effects of the Biden-Harris economy, some of America’s greatest job creators fear that four more years of these economic policies will destroy the American dream for millions of workers.
We believe that unbridled government spending, inflationary policies, high interest rates, open borders, and now socialist-style price controls will make things exponentially worse. And without a doubt, Kamala Harris owns the destructive results of this administration’s policies as much as Joe Biden.
Progressives can deride Trump’s 'billionaire buddies' all they like, but their class warfare rhetoric does nothing to improve the lives of American workers.
As vice president, Harris cast the tiebreaking vote in favor of trillions of dollars in deficit spending that helped drive inflation up to the highest level we’ve seen since the “stagflation” of the 1970s and early 1980s. The administration’s unprecedented levels of deficit spending amount to a cruel, hidden tax on the future earnings of the middle class, which is the foundation of the American economy. Prices are up by more than 20% since Biden and Harris took office — even more for staples like gas, groceries, and rent.
As a result of all that inflation, real wages are nearly 4% lower than they were in January 2021. In other words, Biden and Harris went on a spending spree, and American workers took a pay cut.
Lower wages hurt working Americans and their families, and they threaten the long-term health of the entire economy. When people spend 70% of their income on food, shelter, and energy, they have little left to support their families and fuel the broader economy.
Small businesses that rely on consumer spending, such as restaurant franchisees at my namesake, Papa John’s Pizza, feel the impact of lower real earnings first. Economic decay spreads quickly from there.
Kamala Harris, in her major economic speech in North Carolina, claimed she can fix the economy — the same one she has presided over for nearly four years with Joe Biden — by using price controls. But history shows that price controls only worsen the situation. Without addressing the root causes of inflation, you create artificial shortages that drive prices higher and spur a black market, turning ordinary people into criminals for simply trying to feed their families.
Job creators understand this perfectly well. That’s why so many of America’s iconic founders and business leaders — from across the political spectrum, including many big donors to the Democrat Party — are lining up to support Donald Trump in this election.
These include Blackstone chief executive Stephen Schwarzman, who supports abortion rights, and hedge fund manager Bill Ackman, a longtime Democrat who has donated generously to Democrats such as Barack Obama, Chuck Schumer, Beto O’Rourke, and Pete Buttigieg.
Tech entrepreneur David Sacks, who donated $70,000 to Hillary Clinton’s campaign in 2016, is now one of Donald Trump’s top fundraisers.
Activist investor Paul Singer, an outspoken advocate for LGBT issues, and hedge fund entrepreneur Ken Griffin, who has previously donated millions to support Democratic Party candidates and causes, including the Obama Foundation and Rahm Emanuel’s mayoral campaign in Chicago, recently met with Trump to discuss donating to his campaign.
And then there’s Elon Musk, a once-staunch Democrat who, over the past few years, found himself essentially driven out of the party. Today, he vocally supports President Trump and encourages other former Democrats and independent voters to do the same.
Progressives can deride President Trump’s “billionaire buddies” all they like, but their class warfare rhetoric does nothing to improve the lives of American workers. What they can’t understand, since many of them never managed a payroll in their lives, is that founders and entrepreneurs want workers at all levels to succeed because that’s how they themselves succeed.
This economy has devastated working families and can’t sustain the vision or risk-taking needed from America’s innovators and job creators if we stay on this path. Successful liberals are leaving the Democratic Party because they recognize how damaging Biden-Harris administration policies have been and fear the consequences of more of the same.
Many founders, including me, are stepping up this election to declare that Donald Trump’s proven policies are by far the best option. As workers feel the pain of this economy and job creators fear another four years of it, it’s time we all stand up and do the right thing to restore the American dream now.
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