REMINDER: President Biden Is Working to Lower Costs for Hardworking Families

DNC Rapid Response Director Alex Floyd released the following statement: 

“President Biden has always fought for Main Street over Wall Street, and that’s why he’s taking on credit card companies and big corporations to lower costs and end junk fees for hardworking Americans. Bidenomics is growing the economy from the bottom up and middle out, not the top down. While Donald Trump is already doubling down on his plans to gift tax breaks to big corporations and line the pockets of the ultra-wealthy, Presiden Biden is fighting to cut costs and provide relief for working families.” 

President Biden continues to deliver on his promise to fight for Main Street over Wall Street — taking on credit card companies, big banks, and special interests who saddle hardworking Americans with unnecessary and exorbitant fees. 

March 2024: “Credit card late fees capped at $8 as part of Biden crackdown on junk fees”

“Federal regulators finalized a rule on Tuesday to cap most credit card late fees at $8 as part of a broader push by the Biden administration to eliminate junk fees.

“The Consumer Financial Protection Bureau estimates the new regulation, first proposed last summer, will save families more than $10 billion a year by cutting fees from an average of $32.”

January 2024: “The Biden administration wants to save Americans $3.5 billion a year by making sure banks aren’t profiting too much off of overdraft fees”

“Trying to buy something without enough money in your checking account can lead to a hefty surprise overdraft fee. If the Biden administration gets its way, those fees, which produce major profits for banks, could soon shrink substantially.”

October 2023: “The Biden administration is proposing a new rule to prohibit companies across the private sector from hiding fees from consumers, the president’s most sweeping action yet on so-called ‘junk fees.’”

June 2023: “Several ticket sales and venue companies, including Live Nation Entertainment, will be pledging to eliminate ‘junk fees’ at a meeting with President Biden on Thursday.”

President Biden’s economic agenda is growing the economy from the bottom up and middle out, while Donald Trump is doubling down on his plans to line the pockets of his ultra-wealthy friends and big corporations. 

Washington Post: “Donald Trump’s campaign team says the former president would prioritize cutting taxes for working-class families and small businesses if he returns to the White House. But privately, Trump has told allies that he is keenly interested in cutting corporate tax rates again, according to two people who have spoken with Trump in recent months.” 

CBS News: “Two years after Trump tax cuts, middle-class Americans are falling behind”

The Guardian: “They were billed as a ‘middle-class miracle’ but according to a new book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”

Forbes: “Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018”

Economic Policy Institute: “The TCJA overwhelmingly benefited the rich and corporations while overlooking working families”

Trump doesn’t care about hardworking families — he only cares about himself. That’s why he’s actively rooting for the U.S. economy to crash for his own political gain. 

Trump: “And when there’s a crash — I hope it’s going to be during this next 12 months because I don’t want to be Herbert Hoover. The one president I just don’t want to be, Herbert Hoover.”

Daily Beast: “Donald Trump admitted Monday that he wants a severe economic downturn to happen during the next year, because it will help his odds of winning the presidential election.”