Just like those chatty in-laws or overly friendly neighbors who have a way of lingering on your doorstep, there are policies enacted by Congress that have overstayed their welcome. But unlike your esteemed neighbors and in-laws, these policies, if left to fester, can have disastrous consequences for the broader economy and the American people.
Some of these policies were enacted during the COVID-19 pandemic. Unfortunately, the powers-that-be in Washington seized on what was initially sold to the American people as a temporary expansion of government. They turned this moment of crisis into an opportunity to permanently expand the role of government. A vanishing workforce is the result.
You get a labor force that is 3.1 million shy of where it was in February 2020 – before COVID-19 was declared a pandemic – in a market where there are jobs aplenty. You get thousands of shipping containers sitting idle in ports around the country. You get closed signs in windows along main street because your local store or market cannot find employees to run the cash register or stock the shelves. You get restaurants and pubs only offering carry out or drive thru as they are forced to cut back on their hours. In short, you get Biden’s America.
In fact, you can draw a direct line from the policies the Biden administration has pursued and is threatening to pursue to the economic turmoil they have created. The unemployment insurance bonus extended in the Biden Bailout Bill pumped an additional $15.49 billion into the economy, leading to roughly 1.8 million unemployed Americans reportedly turning down jobs this summer because the federal government paid them.
When it comes to the child tax credit, the Biden administration expanded it and then changed the law to eliminate its work requirement. This turned what was a bipartisan effort to support families into a scheme that could lead to an estimated 1.5 million Americans leaving the workforce. At the same time, the Biden administration also pushed through a 25 percent increase in food stamp assistance – the largest permanent increase since the program’s creation – which again included eliminating any sort of work requirement.