The increase in prices of goods necessary for daily life during the Biden administration has reached records not seen since the 1960s, constituting the top concern of Americans.
“Consumers’ complaints about rising prices on homes, vehicles, and household durables has reached an all-time record,” reported University of Michigan consumer survey chief economist Richard Curtin, according to Breitbart July 16.
He added, “Rather than job creation, halting and reversing an accelerating inflation rate has now become a top concern.”
The accelerating inflation experienced by households puts pressure mainly on low–and middle–income families, affecting their purchasing priorities.
A poll conducted in July in New Hampshire revealed that 83% of voters are concerned about inflation.
According to reports, inflation increased to about 5.4% over June of last year, affecting all prices from food to gasoline.
Worse, the rapid rise in prices over the past year has meant a net loss for Americans’ economies because it has not been accompanied by wage increases, according to Labor Department data.
“Median weekly earnings of full-time wage and salary workers are $990 in 2nd quarter 2021,” the U.S. Bureau of Labor Statistics reported on July 15. Compared to the previous year’s earnings, there is a loss of 1.2%.
House Rep. Kim Schrier (D-Wash.–08) said inflation had been caused by her party’s costly stimulus spending.
The Biden administration’s multibillion-dollar subsidy policies continue to grow, and to that end, Democrats are seeking to pass them in Congress without Republican support.
One of them will see the first monthly tax credit checks for children under the age of 16 living at home reach the bank accounts of millions of parents.
For some analysts, these financial supports are not without political benefits for Democrats.
“These parents are a key voting base for Democrats who will now receive monthly reminders that in politics it is always better to receive than to give,” comments Zogby Poll founder John Zogby.
Likewise, Job Creators Network President and CEO Alfredo Ortiz accused President Joe Biden and Congressional Democrats of “surrendering to their leftist base and growing the size of government.”
“Taxpayer money isn’t monopoly money, and with inflation surging, it’s time for Biden and the Democrats to do a course correction,” he said in a statement.
In this context, Harvard economist Larry Summers, former director of former President Barack Obama’s National Economic Council, said the legislation could “set off inflationary pressures of a kind we have not seen in a generation.”