Under President Biden, the American people have been subject to a multitude of crises. Notably, inflation has reached levels we have not seen since the 1980s. As a result, the price for gas, housing, and groceries is eating away at families and workers alike.
In April, consumer prices were up 8.3 percent from a year ago. This means wage growth is being surpassed by inflation, so in effect, workers are receiving pay cuts.
This week, we hit multiple record-highs for the price of a gallon of gas in Wisconsin. On May 13, the price of a single gallon was sitting at $4.20. A year ago, gas in Wisconsin was roughly $2.87 per gallon, meaning the price of fuel has increased by 46 percent for Wisconsinites within 12 months.
Inflation continues to accelerate, and Americans are paying the price—literally.
So, why is this happening?
Let's look at "M2", a broad measure of the money supply that includes the amount of U.S. dollars in circulation. This number has gone up dramatically over the last couple years, most notably when President Biden signed his $1.9 trillion "COVID relief" bill into law in March of last year. Add this to the $1.2 trillion "infrastructure" package and the $1.5 trillion omnibus spending bill, and there is no wonder why our country had a $2.8 trillion deficit in 2021.
The numbers are hard to grasp, but these levels of spending are hurting folks—especially those on a fixed income—because for each new dollar we print, the dollars currently in your bank account lose value.
Currently, President Biden's proposed solution for inflation involves raising taxes on Americans and even more needless government spending through his "Build Back Better" plan. Click the image below to hear me speak on the House floor about M2, our massive spending, and why this is a problem that President Biden needs to fix.