The American Economy Suffers Under Bidenomics
Feedback from the American people on the economy is ringing loud and clear, but the Biden administration isn’t getting the hint. Inflation continues to dog the American people, and the current resident of the White House not only doesn’t acknowledge that, he doesn’t seem to understand it.
To hear President Biden tell it, the latest inflation data is proof that “Bidenomics” is working, the economy is humming along, and the middle class is doing well.
No part of that narrative is supported by the facts. The administration’s own data show the average American worker’s wages were effectively reduced over $4.50 an hour last month via the hidden tax of inflation.
The consumer price index for June showed prices rose 3% over the last year. Core inflation, which excludes volatile food and energy prices, was 4.8%.
The Biden administration was quick to tout the 3% annual inflation rate as some kind of achievement. But that is damning with faint praise, since Mr. Biden previously ran inflation up to 40-year highs.
To put that in context, prices rose 1.4% over the entire year before Mr. Biden took office. Eighteen months later, prices were rising about that fast in a single month. Inflation remains more than twice what it was when Mr. Biden became president, and prices have already risen 16% during his term. This is devastating for the average American worker.
Inflation is the key problem. Inflation has spiked since the Biden administration took the wheel of the American economy, and it isn’t improving; and inflation, it’s important to note, is a de facto tax, and it hits hardest the ones who are least able to absorb the cost.
We don’t often think of inflation as a tax, but that’s what it is. Inflation transfers wealth from you to the government, and it’s hard to come up with a better definition of a tax than that.
Inflation enables unelected bureaucrats to finance trillions of dollars of spending without a single public hearing or vote from Congress.
For the average American worker, it’s about $9,100 a year in added taxes that most people don’t understand they’re paying. It doesn’t show up on your pay stub, and you won’t find any law that Congress passed or the president signed that levied this tax.
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