Earlier this month, President Biden made a bold claim at a speech in Minnesota, stating, “Folks, Bidenomics is just another way of saying ‘the American dream.’”
But many of us don’t feel like we are living the dream; 78% of Americans think that the nation is headed in the wrong direction. And with economic concerns top of mind, a whopping 73% describe the nation’s economy as poor. Unsurprisingly, many are questioning the branding wisdom of “Bidenomics.”
For everyday Americans, “Bidenomics” doesn’t have a branding problem; it has a policy problem. And at its center is an anti-American energy agenda that is hurting hardworking people.
Energy independence is at the heart of the American dream. Just four years ago, the U.S. became a net exporter of energy for the first time in nearly 70 years by embracing energy independence as a key to strengthening our nation’s economy and security. Now, the Biden administration’s anti-energy policies are rapidly leading the country to increased dependence.
The Biden administration’s campaign promise to “end fossil fuels” has led to the mobilization of every department of the executive branch in at regulatory war on domestic energy production. This has been coupled with trillions in inflationary spending on climate subsidies for politically favored Washington pet projects. The consequences are predictable and devastating.
American production has lagged. Domestic oil production has only just returned to pre-pandemic levels, well under the projected trajectory had the Trump administration’s commitment to pro-energy policies been continued. Unfortunately, the Biden administration rejected this commitment.
From the day one cancellation of the Keystone XL pipeline to the regulatory assault on traditional energy sources, the Biden administration’s commitment to hindering domestic production has weakened our nation and emboldened our adversaries. The recent aggression of nations such as Russia and Iran, which benefit from increased control over energy supplies and higher oil prices, are predictable consequences of purposeful U.S. energy disarmament.
And as the promised green dream of alternative energy fails to materialize, the push for a transition to renewables promises to increase U.S. dependence on China-dominated manufacturing and critical mineral supply chains.
Meanwhile, the U.S. sends representatives to Saudi Arabia to ask for increased oil production, and California Gov. Gavin Newsom visits China to play basketball and ask for climate cooperation. Yet we continue to leave our own responsible energy producers in the cold when it comes to real policy changes that would unleash domestic production, including meaningful permitting reform.
As the war on domestic energy production fuels U.S. weakness abroad, Americans are suffering the economic consequences here at home. Since President Biden took office, prices are up 17% across the board, with groceries up 20% and gasoline prices up more than 40%. Real wages are down 3.4%, and more and more families are living from paycheck to paycheck.
The war on traditional energy expands to a devastating war on the everyday appliances that improve American quality of life, all in the name of fighting climate change. Yet by pushing punitive efficiency regulations on natural gas stoves, dishwashers, washing machines, refrigerators, air conditioners, lightbulbs and ceiling fans, the Biden administration is raising costs, limiting innovation and killing consumer choice.
On top of that, the administration’s de facto electric vehicle mandates threaten to push the American dream of fast cars and freedom further out of reach. The Committee to Unleash Prosperity estimates that the Biden administration’s added regulations established in his first two years in office alone are set to cost the average family $9,600.
Unsurprisingly, Americans think the Biden administration must be dreaming when it celebrates the latest job numbers — one-third of which are government additions — with social media posts declaring that “Bidenomics is working.”
The American dream means building a better life for future generations. Yet Bidenomics’ commitment to anti-American energy policies and regulatory fervor is reducing the quality of life for our families. And instead of delivering a green utopia, it is stifling the competition and innovation that drives economic growth and environmental progress alike. Americans suffer the consequences of the backward push for the agenda of net-zero enthusiasts.
Instead, the U.S. must move forward. We must embrace the reality that abundant, affordable energy powers the American dream. This means commonsense regulations to unleash domestic energy production.
It means rejecting massive green subsidies that put Washington in the driver’s seat and embracing competition between all sources of energy on a level playing field.
It means creating a better life for our children, not bureaucratic stagnation that benefits our adversaries at the expense of Americans.
This approach will propel prosperity and innovation. It will strengthen us in a dangerous world. And it will deliver on the true promise of the American dream: to “secure the blessings of liberty to ourselves and our posterity.”