Biden’s Economy Is Bankrupting The Trucking Industry

Truck drivers play a critical role in shaping the U.S. economy, which, under the Biden administration, seems to diminish day by day. In light of the president’s destructive policies, trucking is losing traction across the country, with many in the industry losing their jobs.

In September 2023, 30,000 truckers in Pennsylvania were let go after one of the U.S.’s oldest and largest trucking companies filed for bankruptcy.

Such unfortunate news was followed by Convoy’s, a digital freight broker, decision to shut its doors.

The New American reported that these closings spell trouble for the trucking industry and demonstrate the graveness of the U.S. economy.

“In my opinion, this industry is heading in the wrong direction, and when trucking and supply chain freight is heading in the wrong direction, so is the country. I am just not sure that people understand there is a problem,” Rick McQuaide, who runs a freight company in Cambria County, Pennsylvania and in Florida, told the outlet.

“The damage started when people went on a spending spree during COVID-19. The government was giving out cash, and people started ordering things in a way they have never done before,” McQuaide added.

McQuaide said that because of the spending spree during the onset of the COVID-19 pandemic, new trucks had to be put on the road to meet consumers’ needs, but by 2022, consumer wants started to dwindle, thereby creating a disparity between the number of trucks on the road and freight available, per The New American.

“The economy is slowing from its frenzy, people aren’t buying anymore, which means there are more trucks on the road than there are loads, and it’s forcing the rates down,” Mcquaide explained, adding that his company’s rates have gone down about 20% since 2022.

“In other words, last year, we go from Pittsburgh to Allentown, maybe $1,200. This year, we’re lucky to get $900,” he said. “You have more truckers fighting for the same loads that exist now, and that’s driving the rates down.”

As of today, truckers are making drastically less than they used to several years ago.

Inflation plays a big part of that — at the same time, operating costs are going up,” Mcquaide said.