The Sconi

America First Policy Institute Chair of the Board Lisa McMahon doesn’t mince words in highlighting all the damage she reasons Democratic policies have added up to when it comes to the economy.

“Another month of inflation levels we haven't seen in 40 years, courtesy of Biden, Schumer, and Pelosi,” McMahon posted on Twitter recently. “Gasoline is up 55% since Biden took office and the Democrats took complete control of Congress. In just the past year, groceries have gone up 13.5%. Meanwhile, household incomes have remained roughly the same, falling well short of covering the increased costs.”

McMahon laments the carnage has not ended there, arguing that those same leaders have shown little ability or inclination to curb their tax-and-spend agenda.

As incomes have stalled and inflation continues to climb to record-high levels not seen in four decades, the Wall Street Journal (WSJ) reported that U.S. median incomes have not risen over the last two years, adding that the flat incomes are an end result of the “pandemic's lingering economic pain.”

In 2021, the Census Bureau found the median household income across the country fell to $70,800, compared to $71,200 in 2020; WSJ said.

The Labor Department found the Consumer Price Index stood at 8.3% for August compared to 2021, essentially highlighting that inflation can still be critically felt in the economy.

In the face of all the turmoil, WSJ pointed to how the Federal Reserve is being forced to do all it can to combat inflation "while trying not to trigger a recession."

Through it all, the poverty rate remained relatively the same at 11.7%, with $27,740-per-year income as the definition line. While the poverty rate does not take government subsidies and taxes into account, economist Liana Fox added that factoring in such expenses showed a drop in the rate, especially where children were concerned. But the poverty rate for people 65 and older showed a slight increase.

“A larger share are on fixed income and I think one thing that’s very likely happening is that they are on fixed incomes that aren’t keeping pace with inflation,” Fox told WSJ.  

NBC News recently reported that inflation should remain steadily high, despite some economists predicting a slight downturn. While gas prices have fallen to an average of $3.70 per gallon, some western states are reported to still be seeing prices topping $4.

Meanwhile, food prices have jumped 11.4% compared to last year, with a recent Gallup poll reporting “a majority of Americans say inflation has affected them financially.”

Zippia reported that as of April the median household income in Wisconsin stood at $66,900.

Smart Asset reported in June that economists are tracing much of the inflation to increased government spending.

Paige Terryberry, senior analyst for Fiscal Policy at the John Locke Foundation, noted that current inflation levels largely stem from the massive injection of cash pumped into the system with the onslaught of the pandemic.