Working Families Feel the Pinch as Consumer Prices Soar

May 12, 2021 — Blog    — Select Revenue Measures    — Talking Points    — Worker and Family Support   

Despite promising to not raise taxes on those making less than $400,000, President Biden and Democrats have already managed to make working families pay another way: a stealth tax.

With consumer prices up 4.2 percent, inflation has accelerated at its fastest pace in more than a decade – making it harder for hardworking men and women to make ends meet and cover basic household items.

As the Washington Times points out – labor shortages (a direct result of Dems paying people more to stay home than return to work) and runaway spending is causing a pinch for American families:

The Biden administration‘s answer to this is more federal spending. It’s a dangerous proposal, for without a healthier labor participation rate, there’s no guarantee our economy can absorb it — leading to further price increases because of shortages. The bubble is going to pop, and something needs to give, or the hyper-inflation monster cometh. Heck, for anyone putting gas in their car, buying groceries for their family, or building and purchasing a new home, it’s already here.”

Read the full op-ed here.

KEY TAKEAWAYS:

Working families are feeling the pinch of Democrats’ tax and spend agenda:

  • Prices of used vehicles are surging: According to CPI, the price of used cars and trucks is up 21 percent, with a 10 percent increase in April.
  • Prices are rising at the pump: According to AAA, the national average has reached $2.99 today, compared to $1.85 a year ago.
  • Prices are rising at the grocery store: According to NielsonIQ, common grocery store items have seen a price increase by double-digit percentages.
  • Prices of homes are rising: The National Association of Realtors reports that the median home price across America is now a record $329,100.

Our booming economic recovery will become a Biden-Bust:

Working families will shoulder the burden of tax hikes: