Biden's Economy: Higher taxes, Higher prices
MESSAGING: Biden's Economy: Higher taxes, Higher prices
- Biden's economy is squeezing the American people – higher prices on one side, and higher taxes on the other. And it's the lower and middle classed who are being hit the hardest.
- For yet another month, American consumers are getting "socked with higher prices" for the goods they need – Biden tried to claim this inflation would be "transitory." He lied.
- Despite Biden's out-of-touch claims that inflation will pass, economists forecast that if nothing changes, rising prices are "here to stay for years."
- Since last year, American workers and families have faced shocking price increases across the economy, with the Consumer price index jumping by 5.3%. Consumer prices are spiking:
Gasoline ⇧ 42.7%
Used Cars and Trucks ⇧ 31.9%
Natural Gas ⇧ 21.1%
New Cars ⇧ 7.1%
Electricity ⇧ 5.2%
Food (away from home) ⇧ 4.7%
Transportation Services ⇧ 4.6%
Apparel ⇧ 4.2%
Fish ⇧ 6.3%
Chicken ⇧ 7.2%
Fresh Fruit ⇧ 3.7%
Used Cars and Trucks ⇧ 31.9%
Natural Gas ⇧ 21.1%
New Cars ⇧ 7.1%
Electricity ⇧ 5.2%
Food (away from home) ⇧ 4.7%
Transportation Services ⇧ 4.6%
Apparel ⇧ 4.2%
- Groceries are more expensive too, with Americans seeing higher prices year-over-year for kitchen staples:
Fish ⇧ 6.3%
Chicken ⇧ 7.2%
Fresh Fruit ⇧ 3.7%
- Biden claims he is empowering workers, but on his watch, real wages have gone down due to rising prices. In fact, they have decreased 0.9% from August of last year.
- Job growth is stalling, with half a million fewer jobs created in August than expected.
- Biden has already spent $1.9 trillion, and now he's looking to spend $3.5 trillion more on Democrats' reckless socialist spending spree.
- Trillions more in inflationary spending will only make things worse.
- Economists warn trillions in new spending is a recipe for even more inflation and higher prices. If Biden and the Democrats get their way, "the federal government will have authorized nearly 1.5 times more in spending" in Biden's first eight months "than it spent in all of 2019."
- Joel Naroff, chief economist at Naroff Economics LLC: "We are transitioning to a higher period of inflation and interest rates than we've had over the last 20 years."
- Biden and his Democrat in Congress are also seeking the largest tax increase in decades.
- Biden and the Democrats' plan costs the equivalent of $27,000 per household in America and would raise the business tax rate to a level higher than communist China's.
- The true cost of this plan is even higher, with the Committee for a Responsible Federal Budget (CRFB) estimating Democrats' plan would actually cost up to a staggering $5.5 trillion.
- Under the Biden plan, Americans would face higher tax bills on their income and investments.
- American companies would also face higher taxes, which would slow growth and disincentivize hiring.
- According to a new study, Americans making $30,000 a year would actually pay more in taxes by 2027.
- Instead of doubling down on his socialist schemes, Biden should listen to the American people. Americans can't afford more rising prices and rising taxes.