Americans Are Paying the Price as Biden’s Disastrous Tax and Spend Policies Fuel Rampant Inflation


Democrats’ radical tax and spend agenda has sparked soaring inflation, taking a toll on Americans’ paychecks.  


  • Inflation hit a 31-year high in October with consumer prices jumping a shocking 6.2% from a year ago, the fastest 12-month pace since 1990.
    • October marked the fifth straight month of year-over-year inflation above 5%.
  • The Labor Department’s producer price index, rose 0.6% in October, translating to a 8.6% increase year over year, tied for the highest annual increase ever.
  • S. consumer sentiment collapsed in November as American’s grew increasingly concerned about rising prices and inflation’s impact on their finances.
  • Gasoline prices in October shot up nearly 50% from the same time a year ago, while energy prices overall are up 30% for the 12-month period.
  • Americans are facing higher prices for the food they need to feed their families, with food prices up 3% for the 12-month period.
    • Meat, poultry, fish, and eggs specifically are up 9% year over year.
  • The average American is facing much higher housing costs than they were a year ago, with shelter costs up 3.5% on a year-over-year basis.
  • Americans who need to buy a car are facing a 26.4% increase in vehicle prices compared to the same time last year.


  • The runaway inflation caused in part by Democrats’ socialist spending is eating away at Americans’ paychecks.
    • CNBC: “Inflation has taken away all the wage gains for workers and then some,” “just another gut punch.”
  • Inflation is causing a decline in Americans’ wages when compared to the rising inflation that has decimated workers’ purchasing power.
    • Real hourly wages declined more than 1.2% in October compared to the year prior.
  • Further, Millions of American could face higher tax bills on top of paying higher prices due to “bracket creep” caused by inflation.
    • Bracket Creep results when taxpayers are pushed into higher income brackets despite their purchasing power remaining unchanged because of inflation.


  • After their reckless spending has caused soaring inflation across the country, Democrats’ answer is to pile up even more spending and crippling debt.
    • Even Jason Furman, a top economic advisor to President Obama, has said that Democrats reckless spending over the past year has “poured kerosene on the fire.”
  • Build Back Better’s massive $2 trillion price tag will fuel intensified inflation in the United States, making it harder for Americans to afford their basic needs.
  • Biden’s Build Back Better legislation will also force 20-30% of middle-class families to pay higher taxes in 2022, adding to the financial headwinds families are already facing.