In March, the Rogue Review reported on the Biden administration’s massive $1.9 trillion “economic relief” bill, most of which went to things like pay increases for federal government employees, funding for abortion clinics, and handouts to public television stations.
Less than four months later, Americans are already paying a large chunk of their income to settle Biden’s nearly $2 trillion tab.
Because the United States government is deeply in debt, it has to either borrow or print more money every time it wants to spend. When it does either, it causes the inflation of its own currency, meaning that the value of every dollar goes down because there are more dollars on the market and because the government that prints those dollars is less stable due to increasing debt.
And when each dollar is less valuable, the price of everything Americans buy (housing, gas, food, etc.) goes up.
The latest numbers from the U.S. Bureau of Labor Statistics show that, in June alone, inflation increased by nearly 1%. That means that an American making $40,000 per year will have their yearly income be worth $400 less due to June inflation alone. Since the beginning of the Biden administration, inflation has increased by nearly 4% in total, meaning that an individual making $40,000 per year has seen their effective income drop by anywhere from $1,500 to $1,600 since late January. The average annual income for a U.S. household is about $67,000, according to the U.S. Census Bureau.
Worse still, the dropping value of American currency also applies to dollars already earned. Thus, anyone who has money in a bank or credit union is seeing the value of their savings drop.
Thanks, Joe Biden. You’re really looking out for the little guy.