Joe Biden’s hidden tax on Americans keeps rising and setting records.
Consumer prices “zoom[ed] up” at a 5.4% annual rate in June according to new data from the Labor Department, surpassing expectations by rising at the highest rate since 2008. Core inflation, stripping out food and energy, rose 4.5%, the highest jump since 1991.
In fact, 48% of small businesses have raised prices, the largest percentage in 40 YEARS.
Because prices are rising at the highest pace in decades, real wages are going DOWN. On an annual basis, real average hourly earnings decreased by 1.7%, and real average weekly earnings fell 1.4%.
And unfortunately for American workers, if nothing changes rising prices are “here to stay for years” according to economists surveyed by The Wall Street Journal.
On Biden’s watch, the money in your pocket is worth less and less – that’s the Democrats’ hidden tax on all Americans.
