U.S. Senator Todd Young (R-Ind.), a member of the Senate Committee on Finance, penned an op-ed in the Northwest Indiana Times regarding the Biden-Harris administration’s tax-and-spend spree that is hurting families across the nation. As inflation rises, families in every tax bracket are facing a higher cost of living.
“All of these price increases at the grocery store, the gas station, restaurants, and malls has created a hidden tax — derailing President Biden’s promise that he would not raise taxes on families making under $400,000.
“Bottom line: Since Democrats took control of Washington, Americans are spending more money for basic goods and services with less cash in their wallets,” Senator Young wrote in the op-ed.
Read Senator Young’s op-ed here or below.
Northwest Indiana Times Op-Ed: Biden-Harris agenda has raised cost of living, hurt middle class
By: U.S. Senator Todd Young
July 25, 2021
The Biden-Harris administration and Democrats in Congress have been on a spending spree. Their $1.9 trillion stimulus package has given us inflation numbers not seen since 2008, essentially creating a hidden tax on American families. It’s one of the many reasons I opposed the partisan stimulus plan, and why I am against the Democrats’ latest reckless $3.5 trillion tax-and-spend proposal.
Former President Barack Obama’s economic advisor Larry Summers warned the Biden White House of an inflation spike as a result of its $1.9 trillion stimulus. He said pumping too much money into the economy would damage it through record inflation. His prediction is coming true.
This week, President Biden attempted to shift the blame for the rising cost of living. He said these higher prices would eventually go away. That’s easy to say when you don’t have to gas up your car or cover the cost of a new appliance. Americans in every income bracket are facing higher prices now, and they can’t afford to wait and see whether the president’s prediction comes true.
Prices are rising at the grocery store — the price of uncooked beef has risen by over six percent, and companies from PepsiCo to Conagra have announced price increases to keep up with inflation.
If you want to dine out, expect to pay more. Restaurants are being forced to pass on rising costs to customers as they face challenges with supply costs and labor shortages thanks to Democrats’ policies that discourage people from getting back to work. And as price increases outpace wage gains, workers are left watching their buying power shrink and their savings get watered down.
It doesn’t stop there. Housing prices are at a record high, and the cost of home renovation has skyrocketed over the last year thanks to higher costs for raw materials, labor, and shipping.
This is on top of record high energy and gas prices caused by the Biden-Harris administration reducing our domestic supply of energy and making our country beholden to the cost of foreign oil.
All of these price increases at the grocery store, the gas station, restaurants, and malls has created a hidden tax — derailing President Biden’s promise that he would not raise taxes on families making under $400,000.
Bottom line: Since Democrats took control of Washington, Americans are spending more money for basic goods and services with less cash in their wallets.
Now it’s more important than ever for Republicans to regain control of Congress so that we stop the reckless tax-and-spend agenda coming from Democrats and rein in the Biden-Harris inflation crisis.
