Inflation is Taxation on the Working Class

Despite Joe Biden’s promise to not raise taxes on anyone making less than $400,000 a year, Democrats’ big-spending agenda has the price of everyday goods rising at the fastest rate since 1992 — ultimately making it more difficult for working-class Americans to make ends meet.

CNN: “When costs rise, low-income households are forced to make trade-offs.

“‘Low-income families live paycheck to paycheck, so something has to give,’ said Mark Wolfe, executive director of the National Energy Assistance Directors’ Association.

In the month of May alone, Americans faced a 0.6 percent increase in the price of goods over the previous month and a five percent increase over the past year.

Wall Street Journal: “Many factors are driving the increases, including ultra-strong consumer demand and supply-chain bottlenecks. But behind many of them, many economists say, is a deliberate decision by policy makers in the U.S. and elsewhere to run their economies hot for now, with lots of stimulus, to ensure they recover fully from damage caused by Covid-19.”

As Democrats continue to ignore the economic alarm bells, experts are warning that inflation will remain elevated in the coming months. 

Wall Street Journal: “‘The scary thing is, we don’t really see an end in sight to these cost pressures,’ [Franz Hofmeister, Quaker Bakery Brands Inc. chief executive] said.”

Bottom line: The Democrats’ out of control spending is cutting into Americans’ paychecks and setting working-class families up for failure. Instead of protecting those who need it most, Democrats are raising their costs of living and leaving American families behind.