Democrats Hidden Tax
If you have visited a grocery store, filled your car with gas, bought a few items at your local hardware store or tried to buy a new or used car in the past few weeks, you probably realized that while the buying power of your dollar has diminished, the price of most items is going up at an alarming rate. We have shared the reasons why we are experiencing inflation and a devaluation of the dollar in our previous communications with you. The following economic theory has historically proven to be true – any time an enormous amount of money is dumped into the economy, the currency is devalued. And with the higher demand for goods, the cost of these goods skyrocket. The sad truth is, if this continues to go unchecked, it becomes more and more difficult to reverse.
The North Carolina GOP routinely provides a “Party Packet” which contains some very insightful information about how Washington Policy is impacting us here in North Carolina. The most recent packet, titled “The Prices Keep Rising: How Biden’s Economics Harm North Carolina Families”. The packet contains some remarkably interesting inflationary trends that should cause us all great concern.
New data from the Labor Department shows producer prices have spiked at the highest pace on record. This is the third month in a row that producer prices have reached a new record high.
What the Biden White House is Creating
- April: 6.2% on an annual basis.
- May: 6.6% on an annual basis.
- June: 7.3% on an annual basis. The new highest jump ever recorded. In June, consumer prices zoomed up at a 5.4% annual rate – the fastest rate in 13 years. Because prices are rising at the highest pace in decades, real wages are going down.
- On an annual basis, real average hourly earnings decreased by 1.7%, and real average weekly earnings fell 1.4%. If nothing changes, economists predict rising prices are “here to stay for years.” 48% of small businesses have raised their prices – the largest percentage in 40 years.
- On Biden’s watch, the money in your pocket is worth less and less by the day. That’s the Democrats’ hidden tax on all Americans. Under Joe Biden’s presidency, we are paying more for just about everything. And it is only going to get worse.
- The price of used cars and trucks has increased 45.2% annually. This is the largest change ever reported.
- Restaurant prices are 4.1% higher than last year.
- Home prices have increased by about 15%.
- Gas prices haven’t been this high since 2014.
- Airfare rates have increased about 10% per week.
The America First Policy Agenda Can Fix This Disturbing Trend
The following is a list of options on how you can help to restore the America First Policy Agenda right here in New Hanover County:
- Visit our webpage at newhanovergop.org and see what your GOP is doing.
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