The average price of gasoline hit $5/gallon for the first time in history. Because gas prices filter through the economy, adding cost to such things as food that is shipped to our stores, to the cost of driving to work, and the cost of energy for our homes it is an indicator of what families are facing.
The average family’s cost of living has increased $450 a month from a year ago. For all of the talk about helping working and lower income families, inflation is what impacts them most. High income households may be inconvenienced by that extra $450 every month but low income and working class families are hit hard and have to struggle. It is the most regressive ‘tax’ that you can have. Need evidence?
A record number of families are behind on their utility bills. Despite massive government money pumped into the economy in the last year and a half, credit card debt is rising rapidly. All this because of inflation.
Unfortunately, it will get worse. The Biden Administration not only made critical mistakes when it said that inflation was not significant and, even if it was, it would only be “transitory”, but continue to fuel inflation by pumping more spending into the economy and by their energy policies that continue to drive up costs. And low income Americans pay the price.