AFP Challenges Rep Lee, Sen Rosen Over Inflation Reduction Act Support

TL/DR –

Americans for Prosperity launched ads targeting Rep. Susie Lee and Senator Jackie Rosen for supporting the Inflation Reduction Act, alleging that it led to a 40-year high inflation rate in Nevada, costing residents an extra $28,000 per year. The Inflation Reduction Act was passed with warnings from 230 economists that it would not reduce inflation and may make it worse. Nevada’s inflation rate rose to 21.6% in March, and households are spending over $13,296 extra per year, with Nevadans needing an extra $11,400 just to afford basic necessities.

Americans for Prosperity Targets Pro-Bidenomics Politicians in New Ads

Today, Americans for Prosperity unveiled new ads targeting Rep. Susie Lee (CD-3) and Senator Jackie Rosen for supporting Bidenomics. The ads highlight the impact of their vote for the Inflation Reduction Act, which has led to a 40-year high inflation rate, resulting in Nevadans paying ~$28,000 more annually due to increased government spending.

Democrats Ignore Economic Warnings

The Democrats supported the $740 billion Inflation Reduction Act, despite warnings from 230 economists who predicted the Act would worsen inflation rather than reduce it. The Act was passed in both chambers in August 2022.

Impact of the Inflation Reduction Act

The Joint Committee on Taxation’s analysis showed that working families were likely to be worse off with the bill, a prediction that proved correct. Over the past two years, Nevada households have experienced a tripling of expenses. Nevada’s inflation rate reached a staggering 21.6 percent in March, resulting in Nevadans spending an additional $27,782 per year on basics.

Impact of Inflation on Nevada Households

The Globe has reported that Nevadans are spending over $13,296 extra per household due to “Bidenomics”. In response to the alarming figures, Republican Governor Joe Lombardo sent a letter to the Biden administration demanding a reduction in federal spending to curb inflation.

Future Implications of Bidenomics

The Ways and Means Committee’s top Democrat indicated that additional taxes on individuals and businesses could be enforced if they control Congress post-midterms. Furthermore, President Biden has promised an extra five trillion dollars in taxes, likely to affect the middle class, to finance the government’s spending spree.

Wages and Inflation

Since President Biden took office, wages have either fallen or remained stagnant. According to Statista, the median hourly rate of a worker’s wage in the United States dropped from the previous year. Today, Americans require an extra $11,400 to afford the basics and over 60% live paycheck to paycheck.

—
Read More US Economic News