• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Biden’s ‘Junk Fees’ Crackdown Is A Distraction From The Real Problems, Experts Say
Business

Biden’s ‘Junk Fees’ Crackdown Is A Distraction From The Real Problems, Experts Say

March 10, 2024No Comments5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
President Biden Delivers State Of The Union Address
Share
Facebook Twitter LinkedIn Pinterest Email

President Joe Biden has made it a key part of his economic agenda to crack down on “junk fees” that he claims are causing Americans’ woes, but experts told the Daily Caller News Foundation that this push is to distract from the real causes of American economic turmoil, such as high inflation.

On Tuesday, the Consumer Financial Protection Bureau lowered the cap on credit card late fees from $32 to $8, claiming that it would save Americans more than $10 billion a year as part of Biden’s attack on “junk fees.” The president’s actions on junk fees are unlikely to save Americans money in the long run and are ultimately one of the many talking points pushed by the administration that are aimed at distracting from larger economic problems like stubbornly high inflation and high interest rates, experts told the DCNF. (RELATED: Gov’t Jobs Continue To Swell Under Biden As Unemployment Ticks Up)

“The administration is looking for any and every way possible to deflect responsibility for the 40-year high inflation that the American people incurred resulting from Biden’s massive increase in government spending, financed by the largest deficits our nation has ever seen outside of a national emergency,” Michael Faulkender, chief economist at the America First Policy Institute, told the DCNF. “Despite warnings from people on the left as esteemed as Larry Summers that Biden was implementing the ‘least responsible’ economic policy in 40 years, the Democrats proceeded with their progressive dreams of government controlling ever greater parts of our lives.”

Inflation peaked under Biden at 9.1% year-over-year in June 2022 and has since failed to decelerate below 3%, measuring most recently at 3.1%. In total, overall prices have risen 18% since the president first took office in January 2021.

See also  TikTok crackdown bill may need changes, US senator says

In response to the high inflation, the Federal Reserve has hiked its federal funds rate to a range of 5.25% and 5.50%, the highest rate in 23 years, placing upward pressure on interest rates across the economy.

Many economists point to skyrocketing inflation being caused, at least in part, by high government spending under Biden. The president signed the American Rescue Plan in March 2021, which authorized $1.9 trillion in new spending, and the Inflation Reduction Act, which authorized another $750 billion.

Federal debt has continued to surge under Biden, totaling $34.44 trillion as of Wednesday, up from $34 trillion at the start of 2024, according to the Treasury Department. The federal debt rose by more than $800 billion in just the fourth quarter of 2023.

“As with ‘shrinkflation,’ President Biden is focusing on ‘junk fees’ to distract from the historic inflation that his bad policies have caused,” Alfredo Ortiz, CEO of Job Creators Network, told the DCNF. “In many cases, so-called junk fees are nothing more than offering consumers the opportunity to pick and choose the features they want to pay for. This keeps prices low for cost-conscious consumers experiencing a cost-of-living crisis. By seeking to ban junk fees, businesses will have no other choice but to build these costs into the underlying price offered to all consumers, raising costs for many people looking to scrimp and save in today’s inflationary environment. Biden’s focus on junk fees is nothing more than junk economics.”

The Biden administration defines junk fees as those that “are mandatory but not transparently disclosed to consumers” and says that optional fees that are for additional services do not fall under the moniker.

You’re earning way more today than Jan ’21, both in terms of hourly wages and your weekly paycheck, but you’ve lost so much purchasing power from inflation that you can buy much less: pic.twitter.com/D9dtxRtt7N

— E.J. Antoni, Ph.D. (@RealEJAntoni) March 8, 2024

Despite a cap being placed on credit card late fees, caps are not being changed or added to other ways that companies profit, meaning the institutions can simply raise fees, prices or interest rates to recoup lost revenue, according to USA Today.

See also  Migrants say San Francisco's sanctuary city policies make it so easy to sell drugs, it's fueling a real estate boom in Honduras

Biden announced a task force Thursday to bring prices down, claiming that corporations are ripping off consumers using junk fees and price gouging. The White House claims that his plan will save more than $20 billion for Americans in junk fees by cracking down on bank overdraft fees, fees related to airlines and more.

“When that approach predictably caused inflation, we got a series of excuses from President Biden, including ‘Putin’s Price Hike’ (except that the inflation started almost a year before Putin invaded), that it was ‘transitory’ — a word Chairman Powell suggested no longer using because it wasn’t, that it was supply chain issues (then prices should have come back down once resolved), etc.,” Faulkender told the DCNF. “Now the blame goes to ‘greedflation’ and ‘junk fees.’ The American people see through this pathetic scapegoating and know that the inflation was the direct result of Bidenomics.”

The Biden administration has a number of talking points to blame poor economic factors on, most recently blaming inflation on corporate greed through “shrinkflation,” where companies will shrink product sizes instead of raising prices. Companies often resort to shrinking product sizes when costs are rising too quickly, as consumers are less likely to notice a decrease in product size as opposed to an increase in price.

The White House did not respond to a request to comment from the DCNF.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

See also  ‘Replace Him’: Striking Auto Workers Reject Biden’s Backing

Bidens Crackdown Distraction Experts fees Junk Problems Real
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Mark Cuban Says ‘Embracing Diversity’ Is ‘Good Business’

June 13, 2023

Liz Cheney Reminds CNN Viewers Of Trump’s Coup Attempt Before His Town Hall

May 10, 2023

King Charles in Germany, is First UK Monarch to Address Bundestag

April 3, 2023

Jill Biden’s Iowa Invite ‘Ignorance,’ Possible ‘Racial Blind Spots’

April 10, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Apple opens first India store as fans show off vintage devices, take selfies

April 18, 2023

Trump Says He Expects Indictment Over Jan. 6 ‘Any Day Now’

August 1, 2023

UAE Sides with Israel, Condemns Hamas for ‘Nihilistic Destruction’

October 10, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.