EXCLUSIVE: Sen. Rand Paul, R-Ky., released a new report Tuesday on the troubling effects of inflation on low and middle-income families as well as small businesses.
"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 released first to Fox News Digital. "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.
Paul also cites public opinion studies, such as Gallup, that found households making $40,000 or less are under the most hardship by the rising costs, whereas households earning at least $100,000 are less impacted. "$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 in a statement. "Though government stimulus spending was intended as a form of relief, and low and middle-income families as well as small business owners were promised that their taxes would not increase as a result of these packages, Americans are now paying a ‘hidden tax’ for these policies.
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