×
X logo

Today's breaking news and more in your inbox.

I'm interested in (please check all that apply)

You may opt-out anytime by clicking "unsubscribe" from the newsletter or from your account.

The Biden Inflation Economy — A Tax on All of Us

Inflation is a tax on everyone. It is the worst kind of tax — one that hurts hard-working families who are just trying to make ends meet. Think about your last trip to the gas station or grocery store — aren’t we all paying more than we did a year ago?

In just one year, gas prices are up nearly 50%, everyday food items cost between 6% to 9% more, clothing costs are up 6%, household furniture is 9% higher, and the list goes on and on. For more than a decade inflation had been kept in check because of bipartisan restraint on spending. Sadly, with Democrats now in control of the Presidency, Senate, and House of Representatives, reckless spending has spurred rapid increases in prices for all sorts of goods and services.

In June, inflation rose 5.4% — the highest increase in 13 years. If you didn’t get a raise, or if you are on a fixed income, then you are paying the hidden tax of higher prices and falling behind. So, what is causing this inflation? One of the most fundamental causes is when the government spends more money than it takes in — deficit spending.

Earlier this spring, Congress passed a partisan $2 trillion spending package, of which most of the money went to everything but COVID, and there was no revenue to offset the cost. In fact, only 9% went to public health. This was unlike the bipartisan COVID relief bill passed last year, which supported our first responders and hospitals, provided resources to develop a vaccine, helped families through the pandemic, and allowed our small businesses stay open.

In keeping with the Obama Administration theme of “never letting a crisis go to waste,” President Biden and Nancy Pelosi keep adding more and more divisive spending initiatives claiming it is due to the pandemic, when the reality is that almost all of it is for their socialist agenda. If these items are truly important and worthwhile, they should be voted on as separate, standalone bills.

Instead of moving cautiously, the Democrats are proposing massive increases, including a $3.5 trillion spending bill — or $6 trillion if socialist Bernie Sanders gets his way. As we discussed earlier, when they have control of the House, Senate, and Executive branches of government there is no restraint. The total amount of all these bills could be as high as $9 trillion. To put this in perspective, the entire federal revenue for this year will be around $3.8 trillion. How long could your bank account survive if you earned $380 and spend $900?

It is true that not all government spending is bad. While it is necessary for the federal government to invest in roads, bridges, water/sewer lines, and broadband — as they have done since the 1930s. What Biden and Pelosi are proposing is dangerous — it goes far beyond traditional infrastructure investment and triggers inflation. A June poll by the American Action Network found that 86 percent of Americans said they are concerned about rising prices and that 75 percent of them are worried that Democrat spending proposals could cause inflation. Americans are right to be concerned about this very real possibility. If we are seeing a 13 year high in inflation after $2 trillion in additional spending has occurred, we can only imagine what will $7 trillion or more do? The insanity must end.

Hard working families simply cannot afford to be victimized by Democrat spending sprees that fund the Green New Deal, government-controlled healthcare, debt forgiveness, free college, free childcare, free eldercare, amnesty for illegals crossing our borders, and a host of other progressive wish list items. As everyone knows, “free stuff” always comes at a very high price … and it may be in the form of inflation.

The next time we gas up our cars or buy groceries to feed our families, remember that the increased cost is a result of inflation — and this inflation is a tax on everyone.

U.S. Rep. David McKinley is a Wheeling resident representing West Virginia’s 1st Congressional District.

NEWSLETTER

Today's breaking news and more in your inbox

I'm interested in (please check all that apply)
Are you a paying subscriber to the newspaper? *

COMMENTS

Starting at $4.62/week.

Subscribe Today