Here’s the dirty truth about inflation: Once a government forces prices to increase, they don’t go back down again. Instead, they simply keep increasing at a slower pace.
This is why inflicting inflation, a tax on everyone, is such a crime in the first place.
That egregious crime was committed by former President Joe Biden and Democrats on Capitol Hill. In 2022, they passed the deceptively named “Inflation Reduction Act,” costing taxpayers more than $1 trillion and flooding the market with cheap money. Rightfully, not a single Republican voted for it.
This caused inflation to skyrocket, increasing the price of goods by an average of 20 percent and making it impossible for wages to keep up with the increase in prices for American families.
Fast forward to today and prices are still high with Biden’s economic policies still in place.
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Over at the White House, President Donald Trump and his team have urged lawmakers to get their economic agenda passed as quickly as possible, including promises made on the campaign trail like no tax on tips, social security and more. Most importantly, they’re advocating for a permanent extension of the Trump tax cuts, which benefited the majority of the country and sparked economic growth back in 2017.
“Ever since President Trump signed the Republican-sponsored tax bill in December 2017, independent analyses have consistently found that a large majority of Americans would owe less because of the law. Preliminary data based on tax filings has shown the same. Most people got a tax cut,” The New York Times reported at the time. “The Tax Policy Center estimates that 65 percent of people paid less under the law and that just 6 percent paid more. (The rest saw little change to their taxes.)”
During his joint address to Congress this week, Trump called on Republicans and Democrats to come together and ensure Americans aren’t getting a tax hike next year but instead, economic growth to get the country back on track.
“The next phase of our plan to deliver the greatest economy in history is for this Congress to pass tax cuts for everybody. They’re in there. They’re waiting for you to vote," Trump said. “It’s a very, very big part of our plan. We had tremendous success in our first term, with a very big part of our plan, we’re seeking permanent income tax cuts all across the board. And to get urgently needed relief to Americans hit especially hard by inflation, I’m calling for no tax on tips, no tax on overtime, and no tax on Social Security benefits for our great seniors.”
“As part of our tax cuts, we want to cut taxes on domestic production and all manufacturing. And just as we did before, we will provide 100 percent expensing. It will be retroactive to Jan. 20, 2025. And it was one of the main reasons why our tax cuts were so successful in our first term, giving us the most successful economy in the history of our country,” he continued.
Until Trump’s agenda is implemented, Americans will continue to suffer from the horrible and damaging policies of the Biden administration and his Democrat allies. Welcome to the Biden hangover. It’s time for Congress to get the country sobered up and onto the new Golden Age of America.
