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.
HIGHEST INFLATION IN DECADES
- 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.
WORKERS’ PAYCHECKS TAKE A HIT
- 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.
BUILD BACK BETTER WILL FUEL MORE ECONOMIC HARDSHIP
- 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.