@GOP: Average middle-class household lost over $33,000 in real wealth in just the past year

Jacob B. | 3:10 PM on November 05, 2023

Over $33,000 in real wealth is what the average middle-class household has lost in just the past year, tweets @GOP.

The average middle-class household has lost over $33,000 in real wealth in just the past year.
— GOP (@GOP) November 5, 2023

Prices are rising. The Bureau of Labor Statistics reports that the inflation rate, which measures price increases of goods and services, increased by 3.7 percent from September 2022 to September 2023. That recording is more than 1.5 percent higher than what the Federal Reserve has stated is the "goal" for year-over-year inflation, 2 percent.

Prices have been rising. Of the 31 inflation recordings, which are published by the BLS on a monthly basis, since President Joe Biden took office, 22 of them were 5 percent or higher; 16 of them were 6 percent or higher; 11 of them were 7 percent or higher; and 8 of them were 8 percent or higher. There truly are not enough negative adjectives in a dictionary to describe the inflation story since President Biden took office.

This is a result of failed economic policies. Democrats, who have wielded most legislative ability in Washington, D.C. over the past two and a half years, have not attempted to apply working solutions to remedy what is an economic disaster. If high inflation is too much money chasing too few goods and services, then it stands to reason that cutting spending would be a solution. But Democrats have sought to spend more. They could have cut taxes to reduce the financial burden on everyone (consumers and employees), but they continue to push tax increases. One example of the Democratic legislative agenda is the counterintuitively entitled "Inflation Reduction Act."

There is no legitimate reason not to try cuts to wasteful federal government spending; or to try tax cuts for individuals and businesses (businesses that employ individuals); or to try deregulating so that needless bureaucratic red tape is eliminated; or to unleash U.S. energy production capability. At the very least, more spending, tax increases, more regulation, and more constraint of U.S. energy production capability should be stopped.