After Transitioning The Economy From Recovery Into Recession, Biden Is Hitting Families With High Gas Prices, Soaring Food And Housing Costs, And A Supersized IRS
INFLATION REMAINS AT A 40-YEAR HIGH
MORE PAIN AT THE PUMP
- To deflect from his economic failures, Biden is trying to gaslight Americans into thinking they are saving on gas when in reality prices reached new record highs on his watch.
- Biden’s gas hike is causing working-class Americans to make sacrifices they shouldn’t have to.
BIDENFLATION IS COSTING FAMILIES THOUSANDS OF DOLLARS
- With Bidenflation hovering around a 40-year high, 64 percent of Americans consider themselves “financially unhealthy.”
- Even if inflation stopped rising today, Biden’s price hike would cost the average U.S. family more than $8,600 over the next year according to Congress’ Joint Economic Committee.
- In July alone, inflation cost the typical household an extra $717.
- As prices continue to rise, millions of Americans are risking their financial security to pay their bills.
- 48 percent of hourly workers do not have a “single cent” in emergency savings, marking a seven percent increase since last year and indicating inflation is having a “severe toll” on workers.
- An even higher percentage – 80 percent – report having “less than $500” saved for emergencies, with workers citing “rising energy, food and housing costs” as the main factors impacting their finances.
- Credit card debt has jumped 13 percent over the last year, marking the largest increase in more than 20 years.
- A Northwestern Mutual study found Americans now have an average of $11,000 less in savings than they did last year.
AMERICANS ARE STRUGGLING TO PUT FOOD ON THE TABLE
- Bidenflation is hitting grocery bills especially hard, forcing many Americans to either resort to store brands, cut back on essentials, or do without certain types of food altogether.
- Nikki Jones of Monrovia, Maryland: “I definitely don’t want to be spending $1,600 a month on groceries.”
- Susan Pynchon of Colville, Washington: “Groceries are going up a heck of a lot faster than [my cost-of-living adjustment].”
- Margaret Rodgers of Queens, New York: “For the first time in my life, I am really feeling the effects of the increasing cost of food.”
AMERICANS ARE STRUGGLING TO KEEP A ROOF OVER THEIR HEAD
- Under Biden, working-class Americans are seeing the highest increase in housing and rental costs in decades, leaving many struggling to afford their mortgage or rent.
- Rental prices are up 6.7 percent since last year, jumping at their fastest rate since 1986.
- In June, 13.7 million Americans reported having fallen behind on their rent or mortgage payments – a 7 percent increase since April.
- 4.6 million Americans say they are “very” or “somewhat” likely to face eviction or foreclosure in the next two months, marking a 32 percent increase since April.
- Jeannie Jansen of Wyoming, New York, who received a foreclosure notice in early July: “I busted my butt for years to have what we have. I went without heat this winter. I’ve gone without everything. And it’s still not enough because prices are so high.”
- Venus Lopez of Tucson, Arizona: “With prices of everything going up, it’s becoming a challenge to even maintain what we have. Finding an affordable apartment keeps getting more unrealistic.”
BIDEN AND DEMOCRATS SLAM WORKERS WITH HIGHER TAXES AND IRS AUDITS
- As Americans struggle to afford gas, groceries, and housing, Biden and Democrats are on a mission to raise taxes on working families and bombard them with a supersized IRS.
- Under Biden and Democrats’ bill, average tax rates would increase for nearly every income group with Americans making less than $200,000 a year facing a $16.7 billion tax increase.
- 26.5 percent of the tax burden – about $136 billion – would fall on Americans making less than $75,000 a year according to the Heritage Foundation.
- Biden’s bill also includes $80 billion to the IRS for additional audits and an army of 87,000 new IRS agents – a policy which would target low-income and minority communities disproportionately.
BIDEN’S RADICAL POLICIES ARE TO BLAME FOR INFLATION
- Biden’s radical tax-and-spend agenda is responsible for inflation.
- A report from the Federal Reserve Bank of San Francisco found that Biden’s $1.9 trillion “stimulus” fueled inflation.
- Since Biden’s failed $1.9 trillion “stimulus” was passed, inflation has outpaced wages every single month.
- Marc Goldwein of the Committee for a Responsible Federal Budget: “We put gasoline on the fire. That’s basically what the [$1.9 trillion stimulus] did.”
- Even liberal economists say Biden’s spending fueled inflation: