Biden’s war on ‘junk fees’ misses the real problem

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Executive Vice President of National Taxpayers Union Brandon Arnold joins 'Fox Business Tonight' to discuss why stocks are sinking ahead of Christmas weekend.

From claiming inflation was «transitory» to blaming it on Vladimir Putin, President Biden has seemed all too willing to ignore the enormous impact of inflation on everyday Americans. 

As they continue to deal with the effects of the highest inflation seen in decades, Biden is trying to fight a war on «junk fees,'' instead of directly combating the core problem. Unfortunately, his efforts will do little more than continue to raise everyday costs for Americans everywhere. 

At this year’s State of the Union address, Biden boasted that he would save Americans $20 billion annually by cutting „junk fees.“ That equates to about $153 per year per American household. 

President Biden speaks at the Pieper-Hillside Boys & Girls Club in Milwaukee, Wisconsin, on March 13, 2024. (Alex Wroblewski for The Washington Post via / Getty Images)

While any boost to household budgets is welcome, the $153 that Biden says he will deliver is cold comfort when American households have to pay $12,061 more in yearly inflation-adjusted costs than they did when he took office in January 2021.

WHITE HOUSE TARGETS ‘JUNK FEES’ AS RENT PRICES SOAR UNDER BIDEN ADMINISTRATION

Those staggering numbers aside, Biden’s mission might be better received if it were a legitimate attempt to help Americans deal with rising costs. Instead, Biden’s recent proposal is the latest in a broader campaign of misdirected policies. 

Biden and his allies are trying to shift the blame for inflation to private companies as his approval numbers continue to disappoint.

UBS large-cap banks analyst Erika Najarian analyzes the