#economy #America #inflation #painful #income #business #familes #energy #food #education
“Inflation has painful effects on low and middle-income families and small businesses”–Paul Ebeling
In an 18-pg report called “The Hidden Tax,” Senator Rand Paul (R-KY), who serves on the Senate Committee on Small Business and Entrepreneurship, blames the 7% rise in consumer prices, a 40-yr high on “excessive coronavirus relief spending by Congress.”
Senator Paul warns that inflation is “only going to get worse.”
In recent months, prices on nearly everything from gasoline, food, and clothes to electricity, car prices, and rent, have increased, and there is no end in sight. “Congress needs to realize that further spending at this time of rapidly rising prices is only going to continue the trend of rising prices on this nation’s already vulnerable businesses and families.”
“The Hidden Tax” report details how prices on everyday essential goods have dramatically increased in the last year since Mr. Biden took the Oval Office.
“$4.9 trillion in COVID-19 stimulus spending has led to one of the highest and sustained levels of inflation in U.S. history,” Senator Paul said.
Adding, “Though government stimulus spending was intended as a form of relief, and low and middle-income families, as well as small business owners, were promised that their taxes would not increase as a result of these packages, Americans are now paying a ‘hidden tax’ for these policies.”
This trend is even more shocking considering Americans were locked down in Ys 2020 and 2021. Aside from the jump in energy prices, used vehicle prices and food have also been Key contributors to the price jumps, rising 37.3 and 6.3% respectively.
Rising prices really burden low and middle-income families.
A recent poll by Gallup has shown disparities between both income and education level in the amount of hardship reported from recent inflation trends. 70% of those earning under $40,000 annually reported moderate or severe hardship as a result of inflated prices in the last yr compared to 28% of those earning over $100,000 annually.
Have a happy, prosperous weekend, Keep the Faith!
