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.