Federal Reserve Chairman Jerome Powell today finally admitted that Bidenflation shouldn’t be described as “transitory.” In other words, Democrats’ singular talking point on the issue no longer holds any water, and higher prices may be here to stay.
The Washington Examiner editorial board writes that not only are American families going to continue to pay higher prices for everything from gas to groceries, Democrats’ $4 trillion tax and spending bill also drives up the costs of child care and health care for everyone.
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- “Consumers already have been suffering from near-record high inflation for months now, and today’s Black Friday Christmas shopping will deliver only more sticker shock. While almost everything people buy has become more expensive under President Joe Biden, it is actually low-income voters who are most likely to tell pollsters that rising gas and grocery prices are a “very big problem” facing the country.”
- “The problem with the child care and preschool policies in Build Back Better is the same problem that relentlessly drives up costs in the higher education and healthcare sectors.”
- “Over half of voters already believe Biden’s policies have made inflation worse, including three top economic advisers from the Obama Administration. National Economic Council Director Larry Summers, Council of Economic Advisers Chairman Jason Furman, the San Francisco Federal Reserve, and auto bailout czar Steve Rattner have all identified Biden’s $1.9 trillion stimulus bill passed this March as a key driver of existing inflation.”
The Biden Administration is in denial about inflation and the impact of Democrats’ tax hikes on employers as we fight our way out of a pandemic.
- President Biden is over 700,000 jobs short of his promises from the last stimulus and has ignored the damaging labor shortage and fastest rising inflation in 40 years.
Democrats’ spending has already driven prices up by more than 6 percent more than last year with no end in sight.
- If inflation persists at the current rate, American families will lose $1,755 in real wages by the end of President Biden’s first year in office.
- Workers’ paychecks are shrinking, and seven out of the last nine full months under President Biden real wages have declined.
- During October, monthly inflation increased by an annualized 11.9 percent – a rate not seen since near the height of stagflation in 1980.
Under Biden’s bill, a day in the life for Americans means less jobs and costs going up.
- In the face of this rapid inflation and a historic increase in Medicare costs for beneficiaries Democrats want to add even MORE costly spending to Medicare as part of their tax increase and spending bill.
- Already struggling with the highest price increases in 40 years, working families can’t afford a new “Toddler Tax” that makes child care more expensive.