Although today is Tax Day, another tax is fast coming due: rising prices.
On Biden’s watch, consumer prices have risen at the “fastest pace since 2008,” with the price tags on some goods increasing by double-digit percentages.
As a result, many Americans are already making sacrifices to accommodate higher prices. In Jimmy Carter-era fashion, as prices are rising, consumer sentiment is “slumping” and consumer expectations “plummeted” according to the recent University of Michigan monthly survey.
Furthermore, Obama’s former economic advisor Larry Summers is warning that Biden’s partisan $1.9 trillion wish list, as well as the rest of his American Bankruptcy Plan, could send prices skyrocketing. Indeed, he says the alarms are already starting to go off: “All the signs are for inflation starting to break out.”
But Biden’s response is to ignore these warnings, and plow ahead with his big-government multi-trillion dollar bankruptcy plan no matter the consequences.
Biden's Press Secretary Jen Psaki says that rising prices “has not changed our view” on big spending despite warnings from even liberal economists, such as Obama’s former economic advisor Larry Summers pic.twitter.com/Vkdls7Hn2K
— RNC Research (@RNCResearch) May 17, 2021
Joe Biden is bringing America back to the 1970s with gas lines, unemployment, and price increases. His misguided big-spending policy proposals will likely hit Americans hard “in their pocketbooks.” Instead of building on the recovery he inherited, Biden is squandering it, and Americans are paying the price.
