As President Joe Biden proposes trillions more in federal government spending, Americans continue to get slammed with rising inflation.
According to a new analysis from Bloomberg, the average American family will pay more than $5000 dollars this year for basic household items.
"Inflation will mean the average U.S. household has to spend an extra $5,200 this year ($433 per month) compared to last year for the same consumption basket, according estimates by Bloomberg Economic," the new report states. "Accelerated depletion of savings will increase the urgency for those staying on the sidelines to join the labor force, and the resulting increase in labor supply will likely dampen wage growth."
In other words, inflation will continue to skyrocket and wages are about to stagnate.
While Biden tries to pin inflation on post-pandemic demand and Russia's war on Ukraine, the data tells a different story.
This is Bidenflation. SF Fed chart literally shows the impact on inflation of Biden’s $1.9T 3/21 gov’t spending spree. It shows US inflation vs that in Canada, Denmark, Finland, France, Germany, Netherlands, Norway, Sweden, & the UK - the chart ends before Russia invaded Ukraine. pic.twitter.com/aEJyglsI0Q
— Andy Puzder (@AndyPuzder) March 30, 2022
The people paying Biden's inflation tax are working and middle-class Americans. Sadly, there is more pain at the pump and the grocery store yet to come.
— Heritage Foundation (@Heritage) March 29, 2022
Biden's budget does nothing to provide relief--and will make things worse.@AndyPuzder today on @MorningsMaria: pic.twitter.com/JD2LIcb1Ha
As a result, Biden's approval rating keeps tanking and just hit a new low.
Biden Job Approval:
— Political Polls (@Politics_Polls) March 29, 2022
Approve 39%
Disapprove 55%
.@Harvard-@HarrisPoll, 1,990 RV, 3/23-24https://t.co/ifUcBVqhU7