Senator Rand Paul issued a major warning to Americans this week; saying inflation and other economic pressures are only going to get worse under President Biden and the Democrat-controlled Congress.
“In recent months, prices on nearly everything from gas, food, and clothes to electricity, car prices, and rent, have all increased, and unfortunately it’s only going to get worse,” Paul said in a statement released first to Fox News Digital. “Congress needs to realize that further spending at this time of rapidly rising prices is only going to continue the trend of rising prices on this nation’s already vulnerable businesses and families.”
Paul’s report, called ‘The Hidden Tax’ reveals the brutal financial burden imposed on working families from high consumer prices.
“$4.9 trillion in COVID-19 stimulus spending has led to one of the highest and sustained levels of inflation in U.S. history,” Paul said in a statement. “Though government stimulus spending was intended as a form of relief, and low and middle-income families as well as small business owners were promised that their taxes would not increase as a result of these packages, Americans are now paying a ‘hidden tax’ for these policies.”
“While Congress was able to unite in 2020 in spending $4.9 trillion, unity does not always lead to virtuous outcomes, and this particular example of unity left Americans with the most difficult economic conditions in recent history,” Paul wrote in his report. “This crisis is one of our own making.”
Read the full report here.