Last week, Nevada Democrats were partying on the White House lawn celebrating their passage of the $740 billion Inflation Reduction Act.
This week, the U.S. Congress’ Joint Economic Committee revealed that inflation in Nevada has surged to 15.6%, nearly twice the national CPI average and hitting Nevada households the hardest. The data shows that rising prices are costing Nevada households an additional $845 a month or $10,142 a year.
In May 2022, The Globe reported that the annualized cost of inflation per Nevada household was $8,231. In just a few short months, the “invisible tax” of inflation has risen $1,911. To put that into a clearer financial perspective, the average rental cost of an 893 ft2 apartment in Las Vegas is $1,506. Affordable housing becomes less affordable when the invisible tax consumes more than an entire months rent.
Nevadans are also paying record high gas prices at the pump. According to AAA, the average price of a gallon of gas has reached $4.92. One year ago, the average was $3.95.
Food prices skyrocketed by 13.1% over the past year, making that the greatest increase in a year since 1979, according to data released Tuesday by the Bureau of Labor Statistics.
Despite this disastrous economic reality, President Joe Biden claims he is building an economy from the bottom up and middle out.
I am sick and tired of trickle-down economics. It has never worked.
We're building an economy from the bottom up and middle out.
— President Biden (@POTUS) September 20, 2022
Contrary to President Biden’s campaign promise, the Inflation Reduction Act raises the tax burden on Americans making less than $400,000 per year and more than 92% of families with a combined income under $200,000 will receive no benefit or receive a tax hike because of this bill.
Rep. Dina Titus, who has been “ridin’ with Biden since the beginning,” tweeted that the Inflation Reduction Act would cut kitchen table costs for families. Although Nevadans are seeking relief from 15.6 percent inflation, 230 economists claim that the Inflation Reduction Act does nothing to reduce inflation and could even make it worse. The non-partisan Joint Committee on Taxation released new analysis estimating that working families are more likely to be worse off than better off after the bill was signed into law.
Today we celebrated the passage of the #IRA. This historic legislation cuts kitchen table costs for families across the U.S. by making the ultra-wealthy and billionaire corporations finally start paying their fair share. pic.twitter.com/59kWxzWAsI
— Dina Titus (@repdinatitus) September 13, 2022
Titus also publicly stated that she “got totally f*cked” by Nevada Democrats’ redistricting legislation. Hardworking Nevadans feel her pain as they are the ones getting totally f*cked by inflation, while the “ultra-wealthy” remain largely unaffected.
Her Democratic colleague, Rep. Susie Lee, “won’t apologize for things getting expensive” and things are about to get more expensive. Democrats are expected to raise taxes on the middle class if they control both chambers after the November midterms.
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