A steady stream of economic data shows that inflation has soared since President Joe Biden took office, and a recent study shows American families are paying the price.
Penn Wharton Business School released a study showing that the average American family has seen an increase of $5,000 in costs because of rising inflation.
House Republicans have hammered Biden on this issue, saying his excess federal spending is hitting Americans hard.
“Inflation also pushes taxpayers into higher tax brackets, costing them more in higher taxes,” the Republicans on House Ways and Means said in a statement. “Using a recent CBO report with today’s inflation rate, this translates into a $1,500 tax increase for a household earning the median family income. With $3,500 in lost purchasing power and $1,500 in higher taxes, this painful Biden inflation tax is costing the typical family $5,000 a year. Bidenflation is taking a bite out of Americans’ paychecks, costing the typical American family $5,000 a year, and resulting in minorities, young adults, and the middle class suffering most.”
The personal consumer index, a major marker of inflation for the federal government, increased again in December, leading to a total 5.8% increase in the last 12 months.
This rise in inflation is the fastest in almost 40 years.
“The PCE price index for December increased 5.8 percent from one year ago, reflecting increases in both goods and services…” the Bureau of Economic Analysis said. “Energy prices increased 29.9 percent while food prices increased 5.7 percent. Excluding food and energy, the PCE price index for December increased 4.9 percent from one year ago.”
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