Inflation is a tax. The Fed Prints money with nothing backing it up and thus the money is devalued and thus we have inflation. My Federal tax burden is normally about 20%. Due to inflation of 30% over the Biden years my tax burden was about 50% when I go to the grocery store. This is obscene. If you want to know what your Federal Tax is, add the inflation rate minus your increase in salary the last years under Biden and you have your real tax rate. It is ugly.
I am one of the lucky ones. I am retired and owe nothing thus I only get hit when buying something. My social security and pension are inflation indexed but they use “funny numbers” on this thus it has taken a hit also. My 401K has taken a hit. I have been prudent and saved and am okay. They young people are getting financially stomped on when it comes to buying a house, schooling, college, child care, the grocery store etc. It is ugly for them.
I forgot to add, Biden is going to let the Trump Tax Cuts expire. Add that to your total tax burden.
Inflation of all your stuff, including your house = More money for big government = Lower standard of living. QED.
My son and his friends tell me this every day, late 20s/early 30s, all in the tech industry. My husband and I, 30 years ago, were able to afford a home here on two teachers' salaries - that would be unheard of now. These kids make six figure incomes and it's not enough for a home.
The only hope they have is to inherit something - and not all of them are in that position. My home is paid off, Thank God, and my son will inherit it when I die.