During the 2024 campaign, former Vice President Mike Pence made it clear that addressing the inflation crisis was a top priority. Under former President Joe Biden’s administration, inflation surged, making everyday necessities more expensive for American families. The Pence campaign emphasized how reckless spending, energy policies, and supply chain mismanagement contributed to this economic hardship.
The Inflation Crisis Under the Previous Administration
The American people saw the consequences of these policies in their daily lives:
- The price of ground beef rose by 20% under Biden’s administration.
- Chicken breast prices increased by 29%.
- Pork prices climbed 15%.
- Potatoes saw a 31% increase.
- Gas prices skyrocketed by 60%.
- Bread prices went up by 25%.
- Eggs saw a staggering 51% increase.
Addressing the Root Causes of Inflation
Mike Pence’s campaign outlined a comprehensive economic agenda to combat inflation. The campaign highlighted several key factors driving the crisis and proposed solutions to reverse these damaging trends.
Out-of-Control Government Spending
One of the biggest contributors to inflation was reckless federal spending. In 2021 alone, federal expenditures under Biden’s administration reached a record-breaking $6.9 trillion—an increase of 77% compared to 2016. Of that amount, $2.7 trillion was borrowed from foreign nations. This surge in spending devalued the dollar and drove up costs for American consumers.
The Pence campaign advocated for fiscal responsibility, calling for reduced federal spending, balanced budgets, and an end to wasteful government programs that fueled inflation.
Restoring American Energy Independence
On his first day in office, former President Biden halted domestic energy production on public lands, leading to increased costs for American families. Gasoline prices surged, and electricity costs rose by 25%. (Source)
The Pence campaign pledged to reinstate policies that prioritized American energy production, ensuring affordable fuel and electricity while reducing dependence on foreign adversaries. Lower energy costs would help bring down prices for food, transportation, and manufacturing.
Fixing the Federal Reserve’s Monetary Policy
The Federal Reserve’s handling of monetary policy under Biden’s administration contributed to economic instability. Initially, artificially low interest rates fueled inflation by making borrowing cheap and driving up prices. Later, aggressive interest rate hikes made housing, cars, and loans unaffordable, pushing the economy toward recession.
The Pence campaign proposed reforms to stabilize interest rates and focus on controlling inflation rather than distorting labor markets. Job creation, they argued, should be the responsibility of pro-growth policies from Congress and the White House.
Bringing Supply Chains Back to America
Supply chain disruptions and reliance on foreign manufacturing also played a role in rising prices. Overregulation, high corporate taxes, and labor policies under Biden’s administration pushed businesses overseas. By 2024, the U.S. ranked behind several countries, including China, India, and Vietnam, as a preferred destination for new businesses.
The Pence campaign’s economic plan focused on making America the best place to do business again by removing excessive regulations, enacting pro-growth tax policies, and ensuring access to affordable energy. Bringing production back home would reduce inflation and create high-paying American jobs.
The Impact of Reckless Spending
Instead of cutting back on pandemic-related spending once the economy began recovering, Biden’s administration continued an unprecedented spending spree:
- March 2021: A $1.8 trillion COVID relief bill was passed, even as vaccine distribution had already begun and cases were declining. Much of the spending had little to do with pandemic recovery.
- November 2021: A $1.2 trillion infrastructure bill was signed, but it failed to fix key transportation issues such as rail disasters, air traffic control failures, and unprecedented flight cancellations.
- August 2022: The so-called “Inflation Reduction Act” added $500 billion in tax breaks and subsidies, further fueling government spending and inflation.
- June 2023: A bill suspending borrowing limits until 2025 opened the door for nearly $3 trillion in new debt. (CBO Report)
Cutting Government Waste to Fight Inflation
The Pence campaign pledged to rein in wasteful government programs and reduce the burden on taxpayers. Key proposals included:
- Ending Student Loan Forgiveness: The campaign opposed debt cancellation programs that placed the burden on taxpayers, saving an estimated $400 billion.
- Eliminating Fraudulent Government Payments: In 2022 alone, $247 billion was lost to fraudulent or improper federal payments.
- Reducing Bureaucratic Waste: The campaign proposed eliminating the Environmental Protection Agency (EPA) and redistributing its responsibilities to other agencies, saving over $250 billion in a decade.
- Freezing Non-Defense Spending: A proposed audit of government agencies could save $160 billion by identifying inefficiencies.
- Defunding the IRS Expansion: Cutting unnecessary IRS expansion could save taxpayers $70 billion.
- Repealing Subsidies for Electric Vehicles: Ending taxpayer-funded credits for electric vehicles—many of which benefited foreign manufacturers—could save $14.2 billion.
- Eliminating Redundant Consumer Protection Agencies: The campaign proposed shutting down the Consumer Financial Protection Bureau, saving $3.4 billion.
- Rescinding $66 Billion Allocated to Amtrak: The campaign opposed continued government subsidies for Amtrak, which had predicted ongoing financial losses.
- Repealing Taxpayer Handouts for Green Energy: Ending tax breaks for electric car battery manufacturing and home remodeling would save billions.
- Eliminating Tax Credits for Foreign-Sourced Products: Many green energy credits directly supported manufacturing in China, which the Pence campaign opposed.
A Commitment to Economic Prosperity
Throughout the 2024 campaign, Mike Pence presented a clear vision for restoring economic stability. By reducing government spending, unleashing American energy, fixing monetary policy, and bringing back American manufacturing, the Pence campaign aimed to build an economy where families could thrive without the burden of runaway inflation.
Disclaimer: This article provides an independent analysis of Mike Pence’s 2024 presidential campaign proposals. It serves as an informational and historical reference only. The content does not reflect current U.S. government policies, nor does it imply any endorsement or affiliation in 2025 or beyond. Any discussion of past administrations is solely within the context of the 2024 election cycle. This website operates as an independent news platform and is not affiliated with Mike Pence, any political party, or any government entity.