During his few appearances on the campaign trail last year, Joe Biden promised not to raise taxes on anyone making less than $400,000 a year. But now we know the loop-hole. Inflation.
It's one of the Democrats dirty little secrets. Or a 'hidden tax' as some Republicans are apt to point out. "I think it's a huge deal" said Charles Blain, president of Urban Reform, "Democrats have often tried to frame themselves as the party of the average American, trying to provide a way for the average American to live the best life possible, and this inflation issue is certainly stopping many Americans."
Everywhere you look, everything is going up. Food, gas, you name it. Treasury Secretary Janet Yellen said this week she expects rapid inflation to continue for several more months, and she's also worried about the impact on housing. As Blain points out the CPI is on the rise as well, "We've seen the biggest 12 month jump this month, and then we saw the biggest 1 month jump this month, so it is definitely a tax."
And a huge weapon for Republicans, who plan to hold the Democrats accountable before next year's midterms. "Republicans are counting down to midterms, and I think Americans are increasingly counting down so that they can turn this around as well" Blain told KTRH, "The way that this is headed is untenable."
With so many Americans also now dealing with 'Biden remorse', Blain says, "I hope that people take a moment to truly realize the differences that we've seen over the past year. In the previous administration, we talked about low unemployment, we talked about higher wages, and lower cost of living, and that has significantly changed in just one year."
Technically, you could say that it has drastically changed in less than six months.