Picture this: The president of the United States standing in front of banners to promote his economic policies as wins for America — increased wages for workers and the greatest economic boom in our history. Sounds great, right?

Now picture this: Since President Joe Biden was sworn into office, two-thirds of U.S. residents are living paycheck to paycheck, real wages are 3% lower, inflation has been hammering the middle class for 27 months, prices are up by 16.6%, and 25 million people are behind on their loans. This doesn’t sound as great, but unfortunately, it’s our economic reality.

The world Biden is portraying sounds great to live in, but his depiction is so far removed from reality that it’s hard to take him seriously. “Bidenomics” isn’t the next Industrial Revolution, as he has claimed. Instead, it’s destroying the ability of millions of citizens to reach the American dream. Because of his administration’s failed economic policies and bloated spending, it will take America, and our economy, a very long time to recover.

It's time to turn the tide and rebuild our economy on the principles that have proven to work in the past. Instead of the failed “Bidenomics,” let’s embrace some of the policies of “Reaganomics,” which brought about unprecedented economic growth and prosperity for the country.

Reaganomics taught us the core principles of fiscal responsibility: cutting wasteful spending, lowering taxes, ending excessive regulations, and creating a workforce that is ready to meet the demands of the future.

Prioritizing fiscal responsibility and addressing our unsustainable national debt should always be a priority to get our economy back on track. Reaganomics emphasized the need for fiscal discipline and responsible budgeting. Congress cannot continue to spend beyond its means and burden future generations with crippling debt. By implementing spending reforms that align with our economic realities, we can reduce the deficit, instill confidence in our economy, attract investment, and create an environment that fosters long-term growth.

The Biden administration’s economic policies are failing the public — giving them a new catchphrase won’t change that fact. Our government must foster an economy that works for the people. These are the principles that underpinned Reaganomics and led to tremendous economic growth. By embracing these policies once again, we can create an economic environment in which everyone has the opportunity to achieve the American dream.

It's time to learn from the successes of the past and chart a course toward a stronger, more vibrant economy for future generations.

Dan Newhouse represents Washington's 4th Congressional District in the House of Representatives.