As inflation takes off, politicians eye more of your money. Original article can be found here.
In a grocery store near you, prices are up and sizes are down. Inflation is roaring.
This is something former Treasury Secretary Lawrence H. Summers warned about back in February, when he unsuccessfully advised the Biden administration to scale down the size of its $1.9 trillion COVID-19 relief legislation. Calling the plan “macroeconomic stimulus on a scale closer to World War II levels than normal recession levels,” he predicted that it could “set off inflationary pressures of a kind we have not seen in a generation.” Summers also wondered how the administration would pay for “the public investments that should be the nation’s highest priority.”
So don’t believe President Biden when he says no one earning less than $400,000 per year will see a tax increase. His claims are wildly inflated.
So what happened? Inflation going up, up, up. Grocery and Utility bills are up. Gas up at the pump or recharge your electric vehicle. What’s up is not coming down.