What caused record inflation? $57,400-per-household additional government spending

by WorldTribune Staff, November 21, 2023

As of October, 60 percent of American adults said they are living paycheck to paycheck, according to a new LendingClub report. Overall, 4 in 10 consumers consider themselves worse off relative to 2022, the report found.

“The numbers are staggering,” Spencer Brown wrote in a Nov. 21 Townhall.com op-ed.

From a new report on post-Covid spending passed by the Democrat-controlled Congress, Brown added, “it’s clearer than ever why prices surged to 40-year highs and continue to tick upward month after month despite the White House’s false claims that inflation is ‘going down.’ ”

The report released by the Heritage Foundation details how the taxpayer-funded spending spree amounts to “more than $57,400 dollars per household.”

According to the Heritage Foundation’s data, the average American household has “already lost $7,000 to the inflation and interest rate spike largely caused by this spending spree” while employment has “stagnated” and “millions of workers are still missing from the labor force more than two years after the start of the pandemic.”

Brown added: “No American would be able to manage their finances in the way D.C. does, and no one should have supported reckless spending without understanding that those policies would have significant consequences. It’s no wonder inflation continues to rise each month when Congress approved legislation that added more to the federal debt in just 27 months than was added in the first 200 years of America’s existence, Heritage underscored in its report.”

Here are the numbers:

• March 2020 COVID Response – $2.22 trillion
• American Rescue Plan – $1.9 trillion
• Infrastructure Investment and Jobs Act – $1.2 trillion
• December 2020 Stimulus Package – $932 billion
• Inflation Reduction Act – $565 billion
• PACT Act – $283 billion
• Non-Defense Appropriations for FY’s 2021, 2022, and 2023 – $172 billion
• Ukraine Supplemental Appropriations – $113 billion
• CHIPS Act – $79 billion
Total – $7.464 trillion

Your Choice

Publishers and Citizen Journalists: Start your Engines