Biden Reveals New ‘Inflation Tax’ — Here’s How Much

As the Biden White House continues to deny the increasing food and energy prices are because of intense government money printing, blaming “corporate greed” instead of admitting that Americans are suffering because of his terrible out of control spending programs.

According to information analysis released with Fox Business, the average family in America paid $3500 more this year for needed items.

Research from the Penn Wharton Budget Model, a group from Pennsylvania’s Wharton School, reveal that most United States households will have to give at least 6% more in order to keep last year’s spending level for goods and services. That number is even greater for low-income Americans, who must increase their spending by 7% at least.

The recent inflation surge is disproportionately harming lower-income households, largely since they collectively use more of their paycheck on energy – which is spiking in some of the craziest price swings over the previous year – while wealthy Americans pay more for services, which have seen the smallest inflation boosts.

That might mean, based on 2020 spending data, that the bottom 20% of earners witnessed their consumption expenditure go up by around 6.8% to $2,120 per household, and the top 5% witnessed their’s go up by 6.1%, or around $7,636 per household. Middle-income earners also got a large increase in expenses, with an uptick consumption expenditure of around $4,351, or a boost of 6.8%.

Any gains from boosts in pay were wiped out and put into negative territory.

In Oct., Chief of Staff in the Biden White House, Ron Klain, said inflation was in fact a “high class problem,” but it is truly hitting America’s poorest communities the most.

Some have speculated that the Biden Administration could eventually admit this fact and then use it to push new racial relief checks.

For context, Democrats and even some Republicans recently created a farm relief bill that deliberately excluded white farmers from receiving aid.

If inflation continues on, they may have the horrifying idea of issuing new checks, but only for people from “poor communities” as a way to mask that the check would only be going to black Americans.

Author: Steven Sinclaire