While Treasury Secretary Yellen recently warned during a CNBC interview that inflation is likely to continue for the future, a new report from President Biden’s favored economic firm, Moody’s Analytics, announced that Bidenflation has cost families “the equivalent of a full grocery, electric, or cell phone bill.”
With prices rising faster than wages, American families are falling behind and trillions of wasteful government spending will only fuel inflation even further.
Key Takeaways:
- For households earning the US median annual income of about $70,000, the current inflation rate has forced them to spend another $175 a month on food, fuel and housing, according to Mark Zandi, chief economist at Moody’s Analytics.
- The Federal Reserve’s key measure for inflation, the personal consumption expenditures price index, is on track to hit a 40 year high.
- Inflation works as a tax that hits low-income families and retirees living on fixed income, reducing the value of their savings.