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.
- 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.