As Biden-Flation continues to hammer American families with rising energy prices, millions of U.S. households are struggling to make ends meet, as reported by CBS News.
Nearly 20 percent of American households have made a late payment on their energy bills, or missed paying altogether, according to a recent report from Bank of America.
The Biden Administration’s disastrous energy policies only result in skyrocketing energy costs, failing energy grids, and an increase in energy poverty.
American families are struggling to heat their homes as President Biden kneecaps the economy.
- Soaring energy prices are hurting lower- and middle-income families the most, with those making $50,000 or less suffering most. These working families have to choose between heating their homes and buying essentials.
- “Geographically, residents of Dallas and Houston are seeing some of the highest utility bill hikes this summer — up 23 percent when compared to the same period last year.”
- “The average household will pay about 17 percent more this winter to heat their property, a 10-year high of about $1,200 per home, the National Energy Assistance Directors Association estimated earlier this month.”
Democrats fueled inflation that’s crushing families and workers and will make it worse.
- Under President Biden, workers’ wages have dropped over four percent, prompting a majority of Americans to take up bargain-hunting.
- More than half of all Americans report spending up to $500 more per month on groceries.
- For a majority of low-income households, rising prices have become a source of “major financial stress” as inflation has wiped out 26 million low-income households’ savings since President Biden took office.
Democrats’ so-called “Inflation Reduction Act” imposes higher energy prices on Americans.
- The bill’s $25 billion superfund and methane taxes on American energy disproportionately harm middle- and lower-income households through higher prices at the pump and bigger utility bills.
- Taxes on crude and imported petroleum products will be passed on to American consumers in the form of utilities, at gas stations, and higher prices for the goods they buy.
- As Americans for Tax Reform says: “The legislation would impose a regressive tax on oil and gas development based upon emission levels of methane during production, leading to higher energy bills for consumers and higher costs of everyday products.”
- The American Gas Association also makes clear: “These outcomes are inconsistent with President Biden’s commitment to pay for reconciliation without imposing new taxes on lower-income Americans.”