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 class 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.
- 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%
- Groceries are more expensive too, with Americans seeing higher prices year-over-year for kitchen staples:
Eggs ⇧ 9.9%
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.
- Biden and his Democrat in Congress are also seeking the largest tax increase in decades.
- 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.