COMMON CENTS: You Are Officially Poorer Under Biden than Under President Trump, Here’s How Much
Are you better off now under Joe Biden than you were under President Trump? The obvious answer to that question is a resounding NO!
We’re still dealing with this stupid virus thanks to Joe Biden letting everyone and their momma come across the Southern border, many having COVID and spreading it to who knows how many people.
Gas prices are up, inflation is up, the cost of housing is up, landlords aren’t allowed to evict deadbeats squatting on their properties. The price of consumer goods has gone up as well.
So just how much poorer are you now thanks to Joe Biden?
Well, back in May, we reported that because of all of this and Biden’s inflation tax, your paychecks are now worth 3.1% less than when President Trump was in office. You might as well consider it this way; if you make $45,000 per year, it would be like making a couple of thousand dollars fewer thanks to Creepy Uncle Joe.
Bloomberg: Your paycheck is now worth 3.1 percent less than last year thanks to Biden’s inflation tax pic.twitter.com/coxeAFZi7O
— Tom Elliott (@tomselliott) May 28, 2021
The Labor Department said Wednesday that consumer prices rose 5.4% year over year in July, matching the prior month’s gain as the fastest since August 2008.
Prices increased 0.5% last month, slowing from June’s 0.9% increase. Analysts surveyed by Refinitiv were expecting a 0.5% gain.
Core prices, which exclude food and energy, rose 0.3% month over month and 4.3% annually. In June, core prices increased 0.9% and 4.5%, respectively.
“While the data should reassure markets that inflation isn’t on a relentless upward trend, make no mistake – this inflation report is still hot,” said Seema Shah, chief strategist at Principal Global Investors.
Prices for shelter, food, energy and new vehicles all increased in July. The food index rose 0.7% while the energy index rose 1.6%, buoyed by a 2.4% gain in gasoline prices.
So your paychecks are worth approximately at least 5.4% less now instead of the 3.1% we just reported only 3 months ago!
This doesn’t even take into consideration the fact that some people received pay cuts as well.
Thanks for wrecking the country, Sleepy Joe.