President Joe Biden’s newly released budget has a tax hike he swears will only hit the super-rich.
We’ve heard that before from Democrat Presidents.
And Joe Biden’s new budget is sure to hit every American in the wallet and the reason why will infuriate you.
Inflation is at a 40-year high, dating all the way back to when our country was trying to recover from the disastrous Jimmy Carter economy.
Bloomberg Economics is reporting Bidenflation is costing the average U.S. household an extra $5,200 per year compared to last year.
That’s an extra $433 every month families weren’t expecting to have to budget.
The National Republican Senate Committee (NRSC) blames this on President Biden’s economic mismanagement.
“On the heels of a global pandemic, Americans will now pay an additional $5,200 for the privilege of living in Joe Biden’s America,” NRSC Spokesman T.W. Arrighi said. “Every Democrat Senator and senate hopeful should have to directly answer for their failed economic agenda…and then take an economics course or two.”
And don’t hold your breath for a quick turnaround.
Experts at Kiplinger’s Economic Outlooks are expecting the 12-month rolling inflation average to rise close to 10% next month.
DoubleLine Capital CEO Jeffrey Gundlach agrees with Kiplinger’s 10% inflation assessment.
“We’re definitely getting more concerned about the possibility of recession,” Gundlach said.
Meanwhile, American families are getting hit both coming and going as there is new bad news for anyone looking to purchase a new home.
According to the latest S&P CoreLogic Case-Shiller Index, mortgage rates are up an astonishing 19% year over year.
CBS News reports these rising home costs will price millions of Americans out of the housing market.
“Home prices remain close to all-time highs, which is impacting affordability,” Rubeela Farooqi, chief U.S. economist with High Frequency Economics, said in a report.
And the Federal Reserve is increasing interest rates to combat Biden’s inflation spike – which means home buyers will be paying higher monthly mortgage rates for those homes that are priced overly high to begin with.
President Biden and Transportation Secretary Pete Buttigieg’s supply crisis is combining with inflation driving up material costs and pent-up housing single-family housing demand due to pandemic restrictions to slow new home building.
With the demand for homes fast outpacing the supply, prices will only continue to increase – while at the same time, American families are still trying to figure out how to budget for President Biden’s $5,200 inflation tax.
Stay tuned to Right News Wire for more on this developing story.