Joe Biden just hit every American with this surprise tax increase
Americans are finding out Joe Biden is not the centrist uniter he promised to be on the campaign trail.
The truth is far worse.
And Joe Biden just hit every American with this surprise tax increase.
Joe Biden’s socialist spending spree is pumping trillions of dollars printed by the federal reserve into the economy.
Critics warned it was bound to devalue the dollar and spike inflation.
The critics’ fears were realized on Wednesday when inflation rose at the fastest pace since 2008.
Inlation accelerated at its fastest pace since 2008 last month with the Consumer Price Index spiking 4.2% from a year ago, compared to the Dow Jones estimate for a 3.6% increase. The monthly gain was 0.8%, versus the expected 0.2%.
Excluding volatile food and energy prices, the core CPI increased 3% from the same period in 2020 and 0.9% on a monthly basis. The respective estimates were 2.3% and 0.3%.
But Joe Biden shows no signs of slowing down or cutting up the credit card.
In fact, Biden is proposing $4 trillion more in spending on social welfare programs and Green New Deal schemes dressed up as an “infrastructure” bill.
Even Biden’s proposed $3 trillion tax increase – the largest in American history – does not add up how many more trillions he wants the Federal Reserve to pump into the economy.
Investor’s expectations for both short and long term inflation are beginning to rise and the stock market is tanking.
Investors' expectations about shorter- and longer-term inflation are rising. pic.twitter.com/AoSwlr1CvJ
— Michael R. Strain (@MichaelRStrain) May 12, 2021
This is all the result of Joe Biden’s economic policies.
And instead of changing course, Biden is doubling down on failure.