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Thursday, September 19, 2024

'The most regressive tax out there': Wisconsin lawmakers stay quiet amid inflation, wage concerns

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Wisconsin Sen. Tammy Baldwin did not respond to requests for comment on inflation spiking and the decline of real wages. | Facebook.com/senatortammybaldwin

Wisconsin Sen. Tammy Baldwin did not respond to requests for comment on inflation spiking and the decline of real wages. | Facebook.com/senatortammybaldwin

U.S. Sen. Tammy Baldwin (D-Wisconsin) declined to comment about the growing concern regarding inflation and the impact on wages.

No one in the Wisconsin congressional delegation decided to comment when it comes to the growing concerns, that have sparked varying opinions, regarding the impact of inflation.

The Sconi has written a series of articles concerning the subject, however, no one in office from Wisconsin offered their opinion on the subject.

The news site reached out to Wisconsin Reps. Bryan Steile (R), Glenn Grothman (R), Gwen Moore (D), Mike Gallagher (R), Mark Pocan (D), Ron Kind (D), Scott Fitzgerald (R), Tom Tiffany (R) and Sen. Ron Johnson (R), along with Baldwin. None of the lawmakers decided to give their take on the growing concern of inflation in the state.

Inflation has steadily increased in the United States with the ongoing COVID-19 pandemic, driven in part by supply and demand, and federal efforts to support an economy reeling from the pandemic's impact beyond public health concerns.

The U.S Bureau of Labor Statistics reported that the consumer price index (CPI) had spiked to 5.4% over the course of a year through July. Among the inflation noted in the CPI were resources critical to Americans including food (3.4%), energy (23.8%) and used vehicles (41.7%).

Former President Barack Obama chairman of the Council of Economic Advisors, and current Harvard economist, Jason Furman, helped to author a report in the Peterson Institute for International Economics that found that inflation has flatlined much of the wage gains that Americans have obtained dating back to the Trump administration.

Kristin Tate said there are two significant forces contributing to current inflation: “Money printing by the Federal Reserve” and “massive government spending.”

Tate added the growing inflation was “Biden’s hidden tax on working Americans.”

Economist Stephen Moore has given his take saying inflation is “the most regressive tax out there.”

The recent passage of the $1 trillion infrastructure bill had one of its authors, majority leader Chuck Schumer and other Senate Democrats, claiming that the bill would be "fully paid for," however, the nonpartisan Congressional Budget Office has gone on record that the bill would contribute $256 billion to the federal deficit over 10 years.

Sen. Joe Manchin (D-WV) has expressed his reservations on $3.5 trillion in additional spending.

When it came to Manchin's concerns, Schumer said, "Some are worried about inflation. The way you deal with that, according to economists, is to make sure we pay for it. We intend to pay for it."

The Wall Street Journal Editorial Board reported that the only way Congress could cover those funds would be through additional tax hikes that are likely to happen.

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