Evaluating Biden’s Economic Recovery Plan: A Layman’s Perspective

As someone who has directly experienced the changes brought about by President Biden's economic policies, it is crucial to examine the effectiveness of the economic recovery plan, particularly within the context of inflation and its impact on daily life.

Impact on Medicare and Seniors

From a personal standpoint, the federal plan to assist states in financing Medicare Part B has been significantly curtailed. This means that monthly payments have increased substantially for individuals, often leading to a difficult financial situation for many, especially senior citizens. For example, the 174-month fee taken from paychecks has created a considerable drain on income, exacerbating an already challenging financial scenario.

Furthermore, the increase in Social Security raises has been directed towards other public services like government housing, which is typically 30% of one's income. This reduction in food stamps, combined with increased housing costs, has left many seniors struggling to afford basic necessities such as food. The rise in food prices has led to the increased visitation of food banks, as many have been forced to rely on these resources to meet their dietary needs. The ability to afford dining out or even buying takeout has diminished, with certain establishments now charging exorbitant prices for simple meals.

Economic Recovery and Inflation

When considering the overall effectiveness of the economic recovery from the perspective of availability and pricing of goods, it is evident that the post-COVID recovery has been somewhat slow, but it has been marked by unwelcome inflation. This inflation not only affects consumer pricing but also leads to a re-evaluation of budgeting and financial planning for many households.

Somewhere or someone has to bear the cost of the increased expenses resulting from the COVID-19 pandemic and the vaccine rollout issues. The blame often falls on policies implemented by the Biden administration, leading to the assumption that under the guidance of former President Trump, the recovery would have been significantly different and perhaps more favorable for certain groups. However, with the current record highs in the stock market, unemployment rates at historic lows, and real wage increases, it can be argued that the economic recovery strategy is working, despite some factions’ coverage in the media.

Opinions and Observations

Many individuals, like my Trumpist neighbor, have reported positive investment experiences during this period. This phenomenon challenges the narrative propagated by the Republican party and Fox News, suggesting that the economic recovery is not just a political issue but an economic one that is showing measurable progress.

It is important to note that the recovery is not benefiting everyone equally. While the financial well-being of the affluent may be growing (as evidenced by my neighbor’s success with investments), the challenge remains for the lower-income bracket. The increase in costs for essentials such as food and rent, alongside cuts in government assistance programs, has created a difficult environment for many, particularly senior citizens.

Biden's economic recovery plan is working, but it requires addressing the gap between the benefits accruing to the affluent and those struggling to make ends meet. The challenge lies in creating a more inclusive policy that ensures no one is left behind in the process of economic recovery and growth.