Today, Americans for Prosperity launched a new round of ads calling out Rep. Susie Lee (CD-3) and Senator Jackie Rosen who backed Bidenomics, highlighting how their vote for the Inflation Reduction Act is costing Nevadan’s an extra ~$28,000 per year due to 40-year high inflation and higher prices spurred by massive government spending. 

The $740 billion Inflation Reduction Act, supported by Lee and Rosen, passed both chambers in August 2022, with Democrats ignoring the warnings from 230 economists who correctly claimed that the Inflation Reduction Act would do nothing to reduce inflation and could even make it worse.

The non-partisan Joint Committee on Taxation released analysis estimating that working families were more likely to be worse off than better off once this bill was signed into law and unfortunately, they were correct. In just two years, Nevadans household expenses have tripled.

Nevada’s inflation rate rose to a whopping 21.6 percent in March, an increase of one percent from February. Relative to January 2021 prices, Nevadans are paying an additional $1,168 per month, or $27,782 per year, for basic household expenses.

Back in November, 2023, The Globe reported that Nevadans are spending over $13,296 per household due to “Bidenomics.” In May 2022, The Globe reported that Nevadan households were hit the hardest by inflation. At that time, Nevadans were paying an additional $8,231 annually for basic household expenses.

Following the dire news, Republican Governor Joe Lombardo sent a letter to the Biden administration blasting government spending and urged the administration to curb inflation by reining in federal spending:

“Here in Nevada, we are now at a stage where the housing shortage and inflation are tearing at the very fabric of our state,” said Governor Lombardo.” Just yesterday, the U.S. Bureau of Labor Statistics (BLS) released the March Consumer Price Index, which showed that consumer prices spiked 3.5 percent over March 2023  – this is unsustainable. Your administration must halt excessive federal spending to curb future inflation, which will lead to irreversible calamity not only in Nevada but across the nation.”

Prior to the passage of the “so called” Inflation Reduction Act, the top Democrat on the tax writing Ways and Means Committee declared that Democrats would raise additional taxes on individuals and businesses if they control Congress after the midterms.

As interest payments on the United States national debt consumes nearly 40 percent of all individual personal income taxes, additional taxes are needed to finance the government spending spree. President Biden has promised an additional five trillion dollars in taxes that would trickle down to the middle class, rather than targeting the “rich” to pay their “fair share.”

Additionally, wages have actually fallen or remained stagnant since President Biden took office. To compare wages over time and in relation to inflation, Statista reports, “In 2022, the usual median hourly rate of a worker’s wage in the United States was 18.12 U.S. dollars, a decrease from the previous year. Dollar value is based on 2022 U.S. dollars. In 1979, the median hourly earnings in the U.S. was 16.75 dollars.”

On average, Americans need an extra $11,400 today just to afford the basics and more than 60% of Americans live paycheck to paycheck.