Former Vice President Biden’s inflation problem is costing American families an average of $5,000/year, according to a new report released Tuesday.
The Washington Examiner released a report that supports Senator Joe Manchin’s (D-WV) concern over how rising inflation is negatively impacting Americans, specifically those who are in the low to middle-class brackets.
The painful Biden inflation tax is costing the typical family $5,000 a year, writes Bruce Thompson.
“Top line: The Senate needs to stop this massive tax and spending bill.”https://t.co/q9FL0W2JaQ
— Washington Examiner (@dcexaminer) January 11, 2022
Conclusions of the report were based on studies made by the Penn Wharton Budget Model analysis and a report released by the Congressional Budget Office.
According to the Washington Examiner, “A new analysis by the Penn Wharton Budget Model found inflation costs the average U.S. household $3,500 in higher prices. The analysis showed that ‘inflation requires the average U.S. household to spend around $3,500 more to achieve the same level of consumption of goods and services as in previous years.’”
When noting the CBO report the Washington Examiner noted “At today’s 6.8% inflation rate, this translates into a 7.5% tax increase, a $1,500 tax increase for a household earning the median family income. With $3,500 in lost purchasing power and $1,500 in higher taxes, this painful Biden inflation tax is costing the typical family $5,000 a year.”
The topic of inflation outpacing wage-increases has gained steam among political and economic circles. Freedomworks quoted economist Stephen More on January 10th, “While the president was boasting of wage gains for bartenders, kitchen help and waitresses, he ignored an inconvenient truth: for six straight months now, prices have been rising faster than wages.”
“Most low/moderate income workers are suffering a DECLINE in the purchasing power of their paychecks. The Biden Inflation Tax is a direct result of all the debt spending that is pouring like an uncapped fire hose into the economy. ” #Bidenflation #ampFW https://t.co/H47FDbjDWr
— FreedomWorks (@FreedomWorks) January 10, 2022
Freedom Works has also higlighted, “Most low/moderate income workers are suffering a DECLINE in the purchasing power of their paychecks. The Biden Inflation Tax is a direct result of all the debt spending that is pouring like an uncapped fire hose into the economy.”
