Since the beginning of the year, the value of the dollar has plummeted. Inflation has hurt every American, as the costs of food, gas, and other necessities skyrocket. For months, Joe Biden has claimed it was only temporary. But things are getting so bad, the IRS has to adjust tax brackets.
From Daily Wire:
The Internal Revenue Service revealed that it would adjust federal income tax brackets and deductions in light of rising price levels in the United States.
On Wednesday, the Department of Labor announced that year-over-year inflation for consumer prices reached 6.2% in October — the highest increase in thirty years. Prices for fuel, used vehicles, and food saw significant increases.
The IRS has to adjust its policies, so Americans won’t get hammered, come Tax Day. The IRS is trying to help us out? You know it’s gotten really bad.
And now, old Joe is starting to admit he’s partly to blame.
From Daily Wire:
Although Biden pinned the problem on supply chain issues, calling it “the reason,” he also conceded that the U.S. dollar is losing buying power.
“The irony is people have more money now because of the first major piece of legislation I passed. You all got checks for $1,400. You got checks for a whole range of things,” Biden said during a speech in Baltimore.
The irony is, we have a president that didn’t think ahead, when he passed a piece of legislation.
During a speech this week, Biden partly admitted that inflation was his fault. He was willing to concede that the checks and extended welfare he gave Americans earlier in the year contributed to the problem. Yet he still claims it was a good thing, and blamed most of the problem on “supply chain issues.”
Um… there would have been no inflation, supply chain or no, if Biden didn’t print new money. Had he just sat back and done nothing, Americans would have gladly gone back to work. That would have put money into their wallets and reduced the supply chain problems (since there would have been people working).
But now, experts are claiming this is the worst inflation crisis since the 1980s.
From The Straits Times:
Inflation is now running at its highest in a generation, with a report Wednesday (Nov 10) showing that consumer prices surged at a 6.2 per cent annual pace in October.
Way back in 1980, inflation was out of control thanks to failed President Jimmy Carter. Ronald Reagan was able to use that to win a landslide election. And, guess what, President Reagan was able to right the ship.
That doesn’t seem to be the case with Sleepy Joe, who refuses to do anything to fix this problem. He is willing to admit his “stimulus” bill triggered this problem. But what is he doing? Pushing more reckless spending that can make the problem even worse.