The United States Department of Labor announced that the consumer price index — which measures goods including gasoline, health care, groceries and rents — rose 8.5 percent in March from a year ago, the fastest pace since December 1981, when inflation hit 8.9 percent. This is higher than economists previously expected for that time period. Prices jumped 1.2 percent in the one-month period from February, the largest month-to-month jump since 2005. It is estimated that skyrocketing inflation rates cost the average American household $5,000 this year, with middle-income families, young adults, and minorities being hit with the highest inflation rates.
An NBC News poll from March revealed that 62 percent of Americans’ income can’t keep up with rising costs, with real wages having decreased nine out of the 13 months that President Biden has been in office. Additionally, this rise in inflation has counteracted the gains from the Tax Cuts and Jobs Act, which improved tax filing for all Americans by reducing federal tax rates for households across every income level.
“President Biden inherited one of the strongest economies in our history, and unfortunately, he’s determined to reverse that,” said Congressman Doug LaMalfa. “The Tax Cuts and Jobs Act reduced federal tax rates for households across every income level while increasing the share of taxes paid by the top 1 percent. This helped lift over six million Americans out of poverty. Biden’s proposed 2023 budget will only drive-up inflation, increase taxes, and chip away at Americans’ earnings. Combine these tax increases with Biden’s war on cheap energy and cutting off farmer’s water for growing food, and it’s a recipe for increasing pain for American families.”