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Saturday, November 23, 2024

Cruz: 'President Biden’s inflation tax is costing the average household an extra $433 per month or $5,200 per year'

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A recent survey shows that most Americans don't believe President Joe Biden has done enough to mitigate inflation. | whitehouse.gov

A recent survey shows that most Americans don't believe President Joe Biden has done enough to mitigate inflation. | whitehouse.gov

A new national survey shows only three in 10 voters believe President Biden and Democrats in Congress are doing enough to stop inflation—including only 23 percent of moderate voters.

The Senate Opportunity Fund (SOF) survey found that even amongst self-described liberal voters, less than the majority believe their president and their party are doing enough on inflation.

The poll questioned 800 likely general election voters throughout the country from March 15-17 with 61% believing the Biden administration was failing to curb inflation, with 75% of those surveyed identifying as conservatives, 58% as moderates and 39% as liberals.

Sen. Ted Cruz (R-TX) recently wrote on Twitter that inflation is hurting every American consumer.  

“President Biden’s inflation tax is costing the average household an extra $433 per month or $5,200 per year. #Bidenflation,” he wrote.    

The Consumer Price Index shows yearly inflation is up 8% with gasoline up 38%, almost the largest surge that the organization has seen.

Much of the inflation is being spearheaded by gasoline, a recent report by Gasoline Misery Index said. The report showed that Americans are now paying $704 more yearly for gas than they did last year.

Economists believe that Biden’s initiatives could further worsen inflation and have led to his low polling numbers on the subject, according to Fox News.

American Action Forum president Douglas Holtz-Eakin told Fox News he was concerned about the current impacts of inflation, particularly when the Build Back Better plan is a "tax cut for everyone in the first year" at an estimated $135 billion.

"We know there's a lot of spending front-loaded," said Holtz-Eakin. "This looks like $500 billion in additional stimulus in an economy that I don't think needs that." 

In March of 2021, Michigan Senate democrats led by Debbie Stabenow backed the passage of Biden's $1.9 trillion COVID-19 assistance package, according to CBS News.

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