Having Joe Biden as president has been costly for the American people.
The economic impact of his policies has been devastating.
This secret Biden tax is going to cost Americans $5,000 every year.
The American government now owes almost $30 trillion in debt.
Democrats passed a massive Covid spending bill even after there was a vaccine and there was no excuse for Americans not to go back to work.
It was clear that if Democrats kept paying people to stay home from work it would create labor shortages and runaway inflation.
The current economic problems were completely predictable and were ignored by President Joe Biden because he liked the control that Covid gave politicians.
But average Americans are stuck footing the bill.
The inflation under Biden is costing American families an average of $5,000 per year.
The report based the $5,000 “Bidenflation tax” on two recent studies.
“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,’” Bruce Thompson noted in the report.
The study also found that the rising costs are hitting low-income Americans harder.
Also inflation is pushing Americans into higher tax brackets even though their real earnings aren’t increasing.
“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,” Thompson noted.
U.S. Senate Finance Committee Ranking Member Mike Crapo (R-ID) spoke in a December statement against any further reckless spending.
“Americans have been extremely clear that inflation and rising costs are their top concerns right now,” Crapo wrote.
“Inflation is now at 6.8 percent, reaching a near 40-year high. The producer price index is up 9.6 percent, the fastest pace on record. This analysis is telling us that even without the Democrats’ reckless tax-and-spend legislation, lower-income households will experience a $3,500 stealth tax. If Democrats push forward with their bill, which is front-loaded with inflationary spending and full of job-killing tax hikes, Americans can expect to pay even more to keep up with rising costs without getting ahead,” he added.
An op-ed by Freedom Works economist Stephen Moore showed the concern in response to Biden’s speech after the December jobs reports.
“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,” Moore wrote.
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