Sen. Paul: $4.9 Trillion in COVID Stimulus Spending Has Sparked One of Highest U.S. Inflation Levels A new report by Sen. Rand Paul (R-Ky.), the Ranking Member of the U.S. Senate Committee on Small Business and Entrepreneurship, details how $4.9 trillion in COVID stimulus spending has produced one of the highest levels of inflation in U.S. history.
It also explains how this "hidden tax" disproportionately "harms low and middle-income families" and small businesses.
“$4.9 trillion in COVID-19 stimulus spending has led to one of the highest and most sustained levels of inflation in U.S. history," said Sen. Paul in a press release. "While 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, Americans everywhere are now paying a hidden tax called inflation."
“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," said Paul, a medical doctor.
"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," he added.......
https://www.cnsnews.com/article/washington/michael-w-chapman/sen-paul-49-trillion-covid-stimulus-spending-has-sparked-one
