Inflation is taxation.
Now even CNN is forced to admit that President Biden and House Democrats’ out-of-control spending is causing Americans to earn less because of inflation.
According to an analysis by Jason Furman, an economics professor at Harvard University, “compensation is now lower than it was in December 2019, when adjusted for inflation.”
THE BIDEN INFLATION BY THE NUMBERS:
- Inflation has increased every month since President Biden took office.
- Inflation is eroding the wage increases that employers are giving to attract and keep workers.
- The Personal Consumption Expenditures (PCE) price index rose sharply in June and the increase over the past year remains at a 13-year high.
- It was the fourth big upturn in a row for the PCE price index and kept the increase over the past 12 months at 4%.
- The cost of back-to-school shopping has skyrocketed because of inflation.
- Families with children in elementary through high school plan to spend an average of $848.90 on school items, which is $59 more than last year.
- The consumer price index rose 0.9% in June and 5.4% over the past 12 months — the largest jumps for each since right before the 2008 financial crash.
It’s simple: Inflation is taxation. While Americans are making less, they are paying more for just about everything. CNN reported that “Gas costs more. Food is more expensive. Car prices are at record levels.”