Biden's Grand Plan from SOTU Is Going to Backfire and Your Wallet Is Going to Pay the Price
As President Joe Biden’s State of the Union address unfolded Tuesday, a theme emerged that can perhaps be best summarized as the following: You (the American people) pay too much while corporations and billionaires pay too little.
The solution to this problem, according to Biden, is the heavy hand of government regulation and interference. Among the solutions he touted Tuesday night, some of which have already been passed into law, were the following: outlawing “junk” fees such as overdraft charges, late fees and service fees; forcing airlines to fully refund canceled airfares; heavy increases in taxation and tax enforcement on corporations; and price caps on prescription drugs.
Setting aside what’s “fair” and “unfair,” the question is, do Biden’s proposed solutions provide the intended effect?
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