U.S. House of Representatives Committee on Ways and Means
10/27/2021 | News release | Distributed by Public on 10/27/2021 10:14
Thanks to Bidenflation, Gas Now 50 Percent More Expensive
Thanks to Bidenflation, Gas Now 50 Percent More Expensive
Bidenflation takes a bite out of Thanksgiving, too
October 27, 2021 - Blog - Press Releases - The Tax Tracker
With the New York Timesreportingthat "Thanksgiving 2021 could be the most expensive meal in the history of the holiday," families are also getting crunched on another expense: Gas.
Since President Biden took office, the price of gas is up more than 50 percent since last year, at $3.26 per gallon on average. Gas prices have increased every day for 27 days. Some Americans are even paying $7.59 a gallon.
Reminder: President Biden's first executive order killed the Keystone XL Pipeline as part of his war on energy-contributing to the massive spike in energy prices.
And he wants to go further, with more crippling taxes on energy.
Staying warm this winter will also cost a fortune. Accordingto the Wall Street Journal,millions of families who rely on propane to heat their homes will see prices soar:
"Even if this winter is 10% warmer than forecast, those who heat their homes with propane should expect a 29% bump, on average, the Energy Information Administration said this month. Under the agency's expected scenario, buyers could pay 54% more than the past few years.
"That increase equates to an extra $1,600 in the South, about $1,800 in the Midwest and $2,000 in the Northeast. If it is 10% colder than forecast, bills could nearly double, the agency said."
Bottom Line: More government spendingand higher taxes are the last thing American families need right now.
- Not only has Democrats' $2 trillion spending spree from earlier this year caused prices to skyrocket- it's also failed to deliver on the President's jobs promises and worsened the labor shortage.
- Although congressional Democrats and the White House claim that inflation is transitory, higher prices are likely here to stay. Inflation expectations among consumers, businesses, and the markets are all above their normal levels.
- Because of Bidenflation, the purchasing power of a typical household is on track to lose over $4,600 after President Biden's first full year of office.
- Experts at Moody's Analytics say that families are spending at least $175 more per month on food, fuel, and housing.
READ: Federal Reserve Official Warns of Inflation Risk Due to Biden Spending