The Poor Became Poorer Under Biden

 I & I Editorial Board discusses the effects of President Joe Biden's policies on poverty rates in the United States. It argues that despite promises to help the poor, poverty actually increased during his presidency.

1. Billionaire Tax Promise:

• Biden frequently promised a "billionaire tax," proposing that the wealthiest Americans should pay more. He claimed this would lead to a fairer tax system.

2. Rising Poverty Rates:

• Data shows that both overall poverty and child poverty rates increased significantly during Biden’s time in office:

• Overall poverty increased by 40.2%.

• Child poverty rose by 38.1%.

• Comparisons to poverty rates in 2019 and 2020 reveal a significant upward trend under Biden’s administration.

3. Ineffectiveness of Wealth Redistribution:

• The article critiques the notion that taxing the rich would help the poor, claiming it has historically failed to improve poverty levels.

• It argues that claiming “fair share” lacks clarity on what it truly means or how much the wealthy should contribute.

4. Economic Implications of Taxing the Rich:

• Economist Art Laffer suggests that raising taxes on the rich hampers economic growth, which ultimately affects everyone negatively, including the poor.

• He argues that lower tax rates can encourage economic growth, benefiting everyone in society.

5. Hypothetical Outcomes:

• The article speculates that even if Biden successfully implemented his billionaire tax, the financial impact would not significantly reduce poverty.

• It suggests that the sum obtained would only finance government operations for a limited period and could potentially harm economic growth.

6. Historical Context and Trends:

• The article puts Biden's poverty increases in the context of historical promises from the Democratic Party to eliminate poverty through taxation.

• It argues that these promises often lead to more poverty instead of alleviating it.

7. Public Perception:

• There is an indication that public support for taxing the wealthy may be declining as people become more aware of its ineffectiveness.

• The Democratic Party’s approach may be perceived as out of touch with the realities faced by the average American.

The I & I Editorial Board concludes that claims about helping the poor by taxing the wealthy have repeatedly proven unsuccessful. They assert that rather than reducing poverty, Biden's tenure has led to an increase in poverty levels. The article highlights the need for policies that promote economic growth rather than relying solely on wealth redistribution as a solution to poverty. 

https://issuesinsights.com/2025/10/03/the-poor-became-poorer-under-biden/