With Christmas right around the corner, now more than ever, Americans are feeling the painful pinch of the Biden administration’s inflation crisis.
Biden keeps touting a strong economy, but whether you trust empirical data, or trust your own common sense while at the gas pump, grocery store, or used car lot – either way, you know the President is either using fuzzy math, or outright lying.
Now, economists have revealed how much Biden’s inflation crisis will cost the average American family.
The University of Pennsylvania’s Wharton School of Business has discovered American workers are going to lose $3,500 this year alone thanks to President Biden’s handling of the U.S. economy.
That means the average U.S. household will need to add 6% to their budget just to reach the same spending levels they were accustomed to last year under the Trump administration.
Inflation under President Biden is at its highest point in four decades.
And according to the report, the inflation crisis is hitting the working-class and the working-poor the hardest.
“The recent inflation burst is disproportionately hurting lower-income households, largely because they collectively spend more on energy – which has seen some of the wildest price swings over the past year – while wealthy Americans spend more on services, which has seen the smallest inflation increases.”
The President has repeatedly said his notorious Build Back Better bill would fix inflation.
He’s stuck with this story, despite the nonpartisan Congressional Budget Office saying Build Back Better would add $367 billion in deficit spending.
Not exactly a common-sense approach to fixing an inflation crisis.
Fortunately, Build Back Better has been postponed to the spring, due to Senate Majority Leader Chuck Schumer not having the votes in the Senate to pass the left-wing boondoggle.