Sen. Rand Paul’s Troubling “Hidden Tax” Report Released
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Sen. Rand Paul’s Troubling “Hidden Tax” Report Released
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Kentucky GOP Sen. Rand Paul released a damning report this week on rising inflation and its troubling effects on low and middle-income families and small businesses.
In an 18-page report called “The Hidden Tax,” Paul, who serves on the Senate Committee on Small Business and Entrepreneurship, blames the 7% spike in consumer prices – a 40-year high – on “excessive coronavirus relief spending by 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. “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.”
“The Hidden Tax” report details how prices on everyday essential goods have dramatically increased in the last year since Joe Biden took office.
“$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…
Below are some of the topline figures from Paul’s report:
Inflation disproportionately harms small businesses. 82 percent of small businesses reported raising prices in the last several months, 42 percent reported raising prices by 20 percent or more. 45 percent of small businesses reported taking out a loan to cope with the pressures of inflation in this last year. Large corporations have reported consistent profit margins…
In 2021, energy prices as a whole, including electricity, propane, gasoline, and other energy sources, rose 29.3 percent. Gasoline on its own rose 49.6 percent. For perspective, a tank of gas for the average American in November of 2020 cost $25.32. The same tank of gas in November of 2021 cost the average American $38.04. This trend is even more shocking considering Americans drove considerably less in 2020 and 2021 than in previous years.
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(Excerpt from The Conservative Brief. Photo credit: Getty Images)
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Comments
We did this in 2001 and 2008 so where is the surprise that the banks contained in the Federal Resere made more money that we dreamed of AGAIN. This private company that has never “suffered” an external audit assures us their internal crew takes care of “discrepancies”.
Since Biden himself turned off the oil and Gulf gas himself. It’s surely no surprise prices are up, employees are ticked and the elite are on a roll.
We have people on strike here for wages and benefits. To what end. The CEO’s of several companies have walked away with $250 million 8n bonuses. However, 5hey don’t intend to have trickle down. So far boots on the ground were supposed to be content with bonus of “dinner and a movie”.
We need to emulate those parents 8n Virginia that have said “enough, no more.”
Lord Jesus, thank You for Senator Rand Paul. I thank and praise you for his courage, in bringing these troubling issues to light. Please use this information to wake American Christians and non-Christians from complacency. Our elected officials need us to let them know how we feel about this inflation nonsense. Somewhere, some way, this needs to stop. Printing more money is NOT the answer – all that will do is devalue the dollar. Lord Jesus, please make a way for this crippling inflation to come to an abrupt end sooner, rather than later. Amen