The inflationary economy created by Joe Biden’s policies on energy, government spending, and labor is putting undue stress on the middle and working class as that inflation acts as an extra tax on goods and services.
Despite his numerous promises not to raise taxes on Americans making less than $400,000 per year, his massive government spending on Left-Wing initiatives has created inflation rates not seen in years, directly affecting consumer prices for common goods and services.
In other words, while Biden may not officially raise the tax rate, his spending habits are still causing Americans to shell out more money for every day products and services, thus breaking his promise. Call it the Biden Inflation Tax.
Ever month this year consumer prices have increased significantly. In April, core inflation rose at its fastest month-over-month pace since 1981. Biden broke a record when his spending habits caused the producer price index to grow the largest on record in a single month. . Prices of commodities are sky-high; the price of corn rose more than 50%, while lumber prices reached staggering levels, and copper a record high as well.
By reducing the value of earnings, inflation acts in the exact same manner as a tax would. Those on fixed incomes and retirees are devastated by Biden’s Inflation Tax, which makes them loose money through no fault of their own. Small businesses are heavily affected as well as they must constantly raise consumer prices to offset costs of doing business. This process reduces sales and alientates customers.
Author: Asa McCue