Originally published at The Hill
Even before the House passed a nearly $2 trillion social spending bill last week, President Biden had promised that inflation would be a temporary problem. Treasury Secretary Janet Yellen played down inflation concerns, assuring consumers in June that inflation would peak at 3 percent and that the spike would be “transitory.” Biden’s chief of staff, Ron Klain, endorsed a view from a far-left economist that inflation and supply chain issues are “high-class problems.”
I say working families are high-class people — and we know how to do the math. Our budgets show us that the money we earn, even from all the extra hours we’re working because of the government-funded labor shortage, isn’t buying as much.
Read more at The Hill