Inflation costs are slamming low and middle class Americans the hardest, economists claim
According to economists analyzing the rampant inflation, President Biden’s economy might be hurting low and middle income Americans the most.
An economist with the University of Pennsylvania said that high inflation is hurting low income people the most.
“Analysts from Penn Wharton Budget Model — a project of the University of Pennsylvania’s Wharton School that evaluates public policy proposals — recently found that inflation trends require the typical American household to spend around $3,500 more in 2021 to achieve the same level of consumption as in previous years,” the Daily Wire reported.
President Joe Biden previously claimed to be a “teacher” at Penn, a job he was paid $900K to do over three years. The president of the university, Amy Gutmann, was later nominated as the Ambassador to Germany.
The most obvious and clear form of inflation has been the rising US gas prices.
“It’s going to lead to difficult choices between putting gas in the car or paying for your kids’ child care or putting food on the table,” Columbia University economist Chris Wimer told CNBC, commenting on the effects of the surge in inflation.
CNBC explained away the inflation as due to the “coronavirus pandemic” and a possible end to massive government spending.
However, President Biden has undertaken a very liberal agenda: shutting down new oil and gas operations on federal lands, and refusing to defend new projects elsewhere. Biden has also paid people not to work throughout COVID, leading to rising inflation and supply chain issues.
Reason, a libertarian think tank and magazine, did an informative video about how Biden’s agenda is causing inflation:
While cargo remained stuck in ports, Biden Transportation Secretary Pete Buttigieg took off approximately two months of paternity leave to take care of his adopted child.
Meanwhile, his Energy Secretary laughed at the idea of lowering as prices calling the proposition, “hilarious.”
Do you think Biden needs to be impeached over the inflation crisis? Do you think the media is trying to cover for the White House when they claim that COVID is solely to blame for the inflation? What is causing inflation? Let us know below!