{"id":1223028,"date":"2022-01-18T18:09:38","date_gmt":"2022-01-18T23:09:38","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1223028"},"modified":"2022-01-18T18:09:41","modified_gmt":"2022-01-18T23:09:41","slug":"its-only-going-to-get-worse-rand-paul-releases-concerning-new-report-on-soaring-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/its-only-going-to-get-worse-rand-paul-releases-concerning-new-report-on-soaring-inflation\/","title":{"rendered":"\u2018It\u2019s Only Going To Get Worse\u2019: Rand Paul Releases Concerning New Report On Soaring Inflation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fits-only-going-to-get-worse-rand-paul-releases-concerning-new-report-on-soaring-inflation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1223028&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Sen. Rand Paul (R-KY) released a new report on Tuesday that details inflation\u2019s impact on American consumers and small businesses.<\/p>\n<p>The Bureau of Labor Statistics recently <a href=\"https:\/\/www.dailywire.com\/news\/the-dollar-drops-as-inflation-rises-heres-what-that-means-for-your-wallet\">announced<\/a> that consumer prices rose by 7% between December 2020 and December 2021 \u2014 the highest rate in roughly 40 years. The higher prices are having a direct impact on Americans\u2019 living standards; according to the agency, \u201creal average hourly earnings\u201d decreased by 2.4% over the same period.<\/p>\n<p>Paul\u2019s report \u2014 \u201c<a href=\"https:\/\/www.paul.senate.gov\/sites\/default\/files\/page-attachments\/Inflation%20Report%20-%20January%2018%2C%202022_0.pdf\">The Hidden Tax<\/a>\u201d \u2014 explains how rising prices have bottlenecked the economy.<\/p>\n<p>\u201c$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,\u201d commented the lawmaker in a <a href=\"https:\/\/www.paul.senate.gov\/news\/dr-rand-paul-releases-report-inflations-effect-american-families-and-small-businesses-%C2%A0\">press release<\/a>. \u201cWhile 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.\u201d<\/p>\n<p>\u201cIn recent months, prices on nearly everything from gas, food, and clothes to electricity, car prices, and rent, have all increased, and unfortunately it\u2019s only going to get worse,\u201d he continued. \u201cCongress 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\u2019s already vulnerable businesses and families.\u201d<\/p>\n<p>Citing data from multiple federal agencies, Paul\u2019s report shows that inflation is disproportionately affecting low-income Americans:<\/p>\n<p>71 percent of households making under $40,000 annually have indicated economic hardships from rising prices, as opposed to just 29 percent of households making $100,000 or more.<\/p>\n<p>Low and middle-income families spend a larger portion of their income on high-inflation items, such as gasoline, used cars, and food. Families in the lowest income quartile spend nearly 40 percent of their annual income on these three categories. As a means of comparison, families in the top quartile spend only 10 percent of their annual income on these categories.<\/p>\n<p>The same is true for small businesses, according to the report:<\/p>\n<p>82 percent of small businesses reported raising prices in the last several months, 42 percent reported raising prices by 20 percent or more. <\/p>\n<p>45 percent of small businesses reported taking out a loan to cope with the pressures of inflation in this last year. <\/p>\n<p>Large corporations have reported consistent profit margins.<\/p>\n<p>Paul also pointed to concerning findings from Goldman Sachs\u2019 10,000 Small Businesses project, which found that 86% of surveyed small business owners \u201care concerned about inflation,\u201d while roughly the same number \u201chave seen an increase in operating costs.\u201d<\/p>\n<p>Beyond Capitol Hill, monetary policymakers are facing <a href=\"https:\/\/www.dailywire.com\/news\/well-still-have-inflation-for-the-next-two-years-harvard-economist-warns\">pressure<\/a> to hike interest rates without triggering a recession. In an interview with <a href=\"https:\/\/www.foxbusiness.com\/economy\/harvard-economist-on-how-long-prices-will-continue-to-soar\">Fox Business<\/a>, Harvard University economist Kenneth Rogoff explained that \u201cit\u2019s not so easy to raise interest rates to fight inflation when public and private data is high, when the stock market is high, when housing prices are high, when the economy is still weak.\u201d Central bankers willing to do so would have \u201ca lot of stomach.\u201d<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sen. Rand Paul (R-KY) released a new report on Tuesday that details inflation\u2019s impact on American consumers and small businesses. The Bureau of Labor Statistics recently announced that consumer prices rose by 7% between December 2020 and December 2021 \u2014 the highest rate in roughly 40 years. The higher prices are having a direct impact &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1223028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1223028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1223028"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1223028\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1223028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1223028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1223028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}