How much is the inflation tax costing you?
Based on calculations by public finance economist EJ Antoni, around $7,200 since January 2021 for the average family.
With the passage of the Fiscal Responsibility Act of 2023, the fake debt ceiling fight is over.
The federal government walked away from the deal with a shiny new credit card that has no limits.
And what did we get?
Spending “cuts” that actually increase spending and another great big tax increase.
Your Thanksgiving meal cost about 20% more than it did last year. Why did it cost so much more? As Peter Schiff explained in his podcast, your more expensive Thanksgiving came to you courtesy of the US government and its inflation tax.
Did you know the Biden administration is still handing out COVID-19 stimulus money?
In fact, there are still billions of dollars in pandemic aid sitting in various federal and state government accounts waiting to be handed out.
The CPI fell modestly in July, but prices remained near 40-year highs at 8.5%. Meanwhile, President Biden did a victory lap, and Congress passed an “Inflation Reduction Act” that will only make inflation worse.
It’s easy to look at inflation talk as political banter and wonky economic theorizing, but in fact, it hurts real people. As Brazilian economist André Marques explains, it makes us all poorer.
Peter Schiff appeared on the Newsmax Saturday Report along with former Rep. Peter King (R-NY) to talk about President Joe Biden’s unwarranted inflation victory lap.
The CPI for July came in slightly cooler than June’s sizzling 9.1%. But even at 8.5%, CPI remains near 40-year highs. But Biden focused on the unchanged month-on-month CPI to declare victory over inflation and claimed he’s building “an economy that works for everyone.”
These people never learn. Or they just don’t care.
The Biden administration is reportedly still considering sending out gas rebate cards to help Americans cope with rising gasoline prices. But this kind of government handout is one of the primary reasons we’re suffering through this inflation firestorm to begin with.
