President Trump pointed out an article at the Washington Times by Rep. Ralph Norman. Norman rightly claims that Biden is responsible for the record-setting inflation in America.
President Trump released this statement yesterday.
Norman’s report reads like this:
Every month since President Biden has been in office, inflation continues to rise. The latest Consumer Price Index report for March showed that inflation is at a 40-year high, and prices have risen by 8.5% during the last year. Remember, the Federal Reserve typically strives to keep inflation around 2%, which means further action from our central bank in increasing interest rates is likely to come.
However, there’s no clear indication when rising inflation rates will even plateau, let alone return to normal levels.
You see, inflation disproportionately hurts lower-income Americans, who may have fewer means to absorb these price increases — like a regressive tax, of sorts. In fact, according to the Penn Wharton Budget Model, Mr. Biden’s inflation tax will cost the average family at least an additional $5,000 per year. Even worse, wage growth has not kept pace with inflation. Although nominal wage growth reached 5.7% year-over-year last month, inflation-adjusted wages actually represent a decline of 2.7%.
Norman concludes with this:
Despite worsening inflation, Democrats still cannot kick their addiction to deficit spending. For example, on April 6, 2022, Mr. Biden extended a regressive and costly student debt pause. The following day, House Democrats voted to send another $55 billion to restaurants and businesses without any real offsets or so much as a score from the nonpartisan Congressional Budget Office. Furthermore, Mr. Biden’s Fiscal Year 2023 Budget Proposal includes more socialist spending measures and numerous tax hikes that hit the middle-class and small family businesses, which would exacerbate the effects of inflation on hard-working Americans.