A new study from the University of Pennsylvania’s Wharton School shows just how hard President Biden’s historic 40-year high inflation is hitting U.S. households, especially middle and low-income Americans.
The Penn Wharton Budget Model shows that inflation will cost American households a whopping $3,500 each. Most U.S. households will be forced to allocate at least 6% more to their budget to meet last year’s spending levels. Low-income families will have to budget an additional percentage point on that total.
These numbers represent a major financial challenge for working Americans who are shaking off the lingering impacts of the pandemic and trying to make the most out of the holiday season. Unfortunately, these concerns are falling on deaf ears in Washington as Democrats plan to take up the “Build Back Broke” agenda once again in 2022.
Statement from NRSC Spokesman T.W. Arrighi: “Christmas got a whole lot more expensive this year. The failed economic policies of President Biden and Senate Democrats have created a regressive spike in inflation that is slowing our recovery and causing financial pain to those working Americans who can least afford it. $3,500 and a 6% budgetary increase may sound like peanuts to D.C. politicians who are used to abusing taxpayer money, but outside the beltway, voters are hurting and they’re holding Democrats accountable.”