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The Trump Tax Reforms and Biden/Harris Inflation

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Americans miss the days when their wages were rising in real (inflation-adjusted) terms powered by the Trump tax cuts. For the last three years, they’ve been burdened by higher spending from the Biden-Harris administration, with the outcome being more Americans on the government dole for things like healthcare, rather than being able to afford it themselves. The Wall Street Journal’s editorial board reports:

The Trump tax reform and deregulation boosted growth, which resulted in a tighter labor market and rising wages—without fueling inflation. Federal spending as a share of GDP averaged 20.5% during the first three years under Mr. Trump compared to 25.8% under Mr. Biden. Never has the government spent so much money only to leave Americans poorer.

While the headline poverty rate declined 0.4 percentage points to 11.1%, the bureau’s supplemental measure that takes into account housing costs and government transfer payments rose 0.5 percentage points to 12.9%. The supplemental measure is 1.1 percentage points higher than in 2019 despite an increase in transfer payments under Mr. Biden. Blame the housing-price inflation of the Biden years.

The Administration is trying to put a shiny gloss on the report. “Today’s reports show we are making real progress growing the middle class,” the White House says. Talk about defining progress down. America’s middle class has seen their incomes after inflation stagnate during the Biden Presidency.

The White House also boasts that “health insurance coverage reached record highs,” but the share of uninsured was the same in 2023 as in 2019, according to the Census report. The difference is that fewer Americans now have private insurance (-2.6%), while more are covered by Medicare (0.8%) and Medicaid (1.7%).

All told, federal healthcare spending has increased by more than $500 billion since 2019, yet this money hasn’t bought better health or coverage. The Administration has dangled more money for states to expand Medicaid for working-age, healthy adults under ObamaCare. Small employers have responded by paring back their health coverage.

The Census report explains why so many Americans are sour on the Biden economy. The facts back them up.

Action Line: You know Americans are unhappy with this gilded economy. They know the shine isn’t deep. Once you get below the top-line numbers, you can see the government manipulation, and it’s ugly. Prepare your family for what’s to come. Click here to subscribe to my free monthly Survive & Thrive letter.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

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