Two economic visions: America First vs. global communism

As voters head to the polls this election cycle, the famous political catchphrase “it’s the economy, stupid” remains as pertinent as ever. Economic issues are top of mind for nearly all voters, regardless of political affiliation.Americans are rightfully concerned about the rising cost of living. At no point in the past five years have more than a third of Americans rated the economic conditions of the country as “excellent” or “good,” evincing widespread dissatisfaction with the affordability of daily life.These views are why it is more important than ever for us to elect candidates who can best deliver widespread economic prosperity and affordable living. In this election, they are staring at a crossroads: one path delivers the formula that made our nation the most prosperous in history, leaving Americans the right to spend and invest their money as they see fit with minimal government interference. The other recycles a socialist blueprint of massive government overreach and excessive taxes, borrowing, and spending that consigns nations to poverty, disorder, and despair. The economic disasters that the socialist Left will bring are not merely theoretical; People experienced these effects for four years under the Biden administration. American families suffered a 40-year high in inflation, the largest stock market decline year since the Great Recession, and a drop in real wages caused by a progressive big government agenda of reckless spending and an avalanche of liberty-depriving regulations.The Biden administration and congressional Democrats’ spending free-for-all started with their “American Rescue Plan.” The $1.9 trillion spending bill, while ostensibly about COVID-19 relief, was primarily a spending splurge to permanently increase the federal leviathan. If that wasn’t enough, the Democrats followed the ARP with the misnamed Inflation Reduction Act, more accurately called the “Make China Great Act,” whose signature provision was hundreds of billions in corporate welfare for Chinese “green” energy companies. As even liberal economists such as Larry Summers predicted at the time, the massive spending splurge triggered crushing inflation unseen in the lifetimes of most Americans.Misguided environmental tax policies were compounded at the regulatory level. The Biden administration enacted regulations that, for instance, restricted the kind of cars Americans can buy, cumulatively costing the economy an additional $1.8 trillion, threatening auto jobs, and raising the cost of domestic manufacturing.Finally, lest we forget the Biden administration’s greatest failure, an open-borders policy that led to millions of illegal aliens flooding the country. The resulting economic effect was staggering upward pressure on the prices of goods and services, notably housing. A Dallas Fed paper found that 30% of the home price growth between 2021 and 2024 can be attributed to illegal immigration.What do all of these progressive actions have in common? Erosion of liberties, massive wealth transfers to government cronies, and increased prices for hard-working American families.The public has also seen this dynamic play out at the state level. In recent years, states such as New York and California that have eschewed economic freedom with a flurry of new taxes and regulations have seen skyrocketing prices, with millions fleeing to states that have cut taxes and created a climate for investment. According to data for this week, while the average price of a gallon of gas across the nation is $4.25, in California it is nearly $6. When people demand affordability, raising gas prices by more than 40% is not what they have in mind, but is the necessary result of reimposing Democrats’ failed energy policies.Incredibly, many of the same politicians who helped enact this far-left agenda are now campaigning nationwide promising to address the very issues they caused. But these people haven’t learned from their failures; they’re doubling down with more radical ideas. With offers of government-owned grocery stores, a low-quality single-payer healthcare system, a wealth tax involving government seizures of private assets, and national rent control, progressive Left candidates believe that complete state control of the economy is the correct remedy.History tells us that such ideas invariably lead not just to economic collapse, but government tyranny. From Maoist China to Cuba to Venezuela, modern history is replete with communist politicians establishing state control over the economy and plunging their nations into poverty and famine, while brutally oppressing their citizens to realize those goals.The solution for our economy lies not in greater government control, but in a free system that rewards innovation and hard work. This blueprint has propelled America to be the most prosperous, inventive, and free society the world has ever known.America First candidates on the ballot are still unwavering in their resolve to carry that legacy of economic liberty forward, working closely with the Trump administration to boost disposable incomes and spur widely shared prosperity in the long run.DEMOCRATS PLAN TO DESTROY THE SUPREME COURTNotable accomplishments over the last two years include the elimination of taxes on tips and overtime, allowing businesses to immediately write off new factories and equipment, and the reversal of the harmful environmental mandates by the Left that had precluded us from realizing energy dominance. Correcting the failures of the Biden administration and congressional Democrats was not an overnight project; it requires a sustained commitment to and implementation of these pro-growth, pro-innovation policies.Election rhetoric can often muddy the waters for voters, but when one takes a step back and examines the economic visions that undergird candidates’ promises, the choice becomes clear. In this election, there are two competing visions: an America First vision promoting innovation and choice, or a globalist communist prescription offering constricted liberties and economic devastation. History, both at home and abroad, shows us which one works.Michael Faulkender is a senior adviser at America First Works and former deputy secretary of the US Department of the Treasury.