Biden’s 20 Percent Inflation Tax Costs American Families Over $17,000 Per Year
WASHINGTON, D.C. – Today the Bureau of Economic Analysis (BEA) reported that the Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred measure of inflation, was 2.6 percent for the month of May. Since President Biden took office, prices have increased 19.3 percent. This means that the average family of four is paying an additional $17,080 per year or $1,423 per month to purchase the same goods and services as in January 2021.
House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on President Biden’s 20 percent inflation tax:
“Prices have risen nearly 20 percent under President Biden’s watch. His spending lit the fuse of an inflationary firestorm that cost families over $17,000 more per year for the same gas, groceries, and other goods they bought before he took office. Interest rates soared in response to inflation, nearly doubling the cost of homes, cars, and other important purchases, worsening the cost-of-living crisis. While leveling inflation is a welcome sign, President Biden’s failed economic policies and Democrats’ reckless spending have caused prices to increase, causing massive harm to the American people.”
Background:
- Year-over-year and core PCE inflation were 2.6 percent.
- Last quarter GDP grew by just 1.4 percent – well below previous estimates.
- May’s CPI report showed inflation is at 3.3 percent year-over-year, marking 11 months since we’ve seen any progress on inflation.
- The gross national debt is currently $34.73 trillion. This equates to:
- $104,216 per person in the U.S.
- $264,268 per household in the U.S.
- $480,241 per child in the U.S.
- The debt one year ago was $32.1 trillion, meaning that the debt has increased by $2.64 trillion over the past 12 months. The rate of increase since one year ago has equaled:
- $220 billion in new debt per month.
- $7.2 billion in new debt per day.
- $301 million in new debt per hour.
- $5 million in new debt per minute.
- $83,651 in new debt per second.
More on the Economy from the House Budget Committee:
Read Chairman Arrington’s statement on GDP growing 1.4 percent in Q1 of 2024 HERE.
Read Chairman Arrington’s statement on CPI year-over-year inflation falling to 3.3 percent in May HERE.
