Democrats have tried dismissing inflation as “transitory” and blaming corporate greed for high prices, but Americans aren’t buying it. Now, commentators like New York Times columnist Paul Krugman are saying inflation is being blown out of proportion and it’s not as bad as reported in the media.
Earlier this month, the Winston Group found that 75 percent of Americans across the board believed inflation was a serious problem.
|In thinking about the current state of inflation, which comes closer to your view?||Overall||Rep||Indep||Dem||$50K-$100K||100K+|
|Inflation is a very serious problem.||72||85||75||59||76||76|
|Stories about inflation are receiving too much focus by the news media to undermine confidence in the Biden administration.||20||10||15||33||19||21|
- By more than 3:1, Americans across the board believe inflation is a real problem (72-20).
- This was consistent among a majority of Democrats (59-33).
Bidenflation is crushing America’s middle class and Main Street.
- President Biden claims that inflation has peaked, dismissing it as “transitory” and a “high class problem,” but it’s clear that inflation is only continuing to rise and hits lower- and middle-income Americans the hardest.
- The Congressional Budget Office (CBO) and the Penn-Wharton Budget Model have also estimated that President Biden’s inflation tax costs the typical family $5,000 a year, and, in particular, hits the middle class and those just starting their career or families.
- With more than 60 percent of Main Street businesses reporting they were forced to raise their prices to keep up with inflation – which has reached the highest rate since 1982 – economists are warning the U.S. is at risk of a wage-price spiral.
- For working Americans, in just one year, Democrats wiped out three years of wage gains through inflation.
Democrats’ crippling tax hikes will fall on American families and small businesses.
- President Biden and Democrats’ $2 trillion so-called “COVID stimulus” forced small businesses to raise prices as government spending worsened inflation, a worker shortage left them desperate for workers, and looming tax hikes threatened their futures.
- The non-partisan Joint Committee on Taxation (JCT) found that workers will shoulder the burden of Democrats’ tax hikes. Over the long term, 66.3 percent of a corporate tax increase would be borne by lower- and middle-income taxpayers.
- It’s not just the JCT – analysis from the Left-leaning Tax Policy Center finds that President Biden’s overall tax plan will raise taxes on 75 percent of middle-class families next year, rising to 95 percent of middle-class families over the long term.