The US economy is facing challenges due to inflation and ad hoc interventions implemented by the Biden administration. These interventions, such as tariffs on steel and aluminum imports, subsidies for electric vehicles, tariffs on solar-panel imports, price controls on prescription drugs, restrictions on government procurement, and regulations on agriculture, are contributing to inflationary pressures and hindering economic growth. Not only do these measures raise costs for American consumers and businesses, but they also increase the likelihood of retaliation from other countries. It is crucial for the US to reconsider its approach and focus on creating a level playing field for the private sector in order to maintain its global economic primacy [d96798b9].
The negative consequences of ad hoc interventions and inflation on the US economy are evident. These measures distort the economy and result in lower economic growth. The Biden administration's industry-specific interventions are creating an uneven playing field and hindering the private sector's ability to thrive. This not only affects American businesses but also has implications for global economic competitiveness. It is important for the US to adopt a more balanced and strategic approach that promotes fair competition and supports the growth of the private sector [d96798b9].