Milwaukee South News

U.S. Representative Bryan Steil (R-WI) has highlighted a 17% surge in costs during the Biden administration, forecasting a grim financial future for Americans amid persistent inflation. This assertion follows a year marked by enduring inflation and escalating financial burdens on households nationwide.

Steil was quoted as saying, "Everything is 17% more expensive under the Biden administration," and added, "This is unsustainable."

In a press release issued in March, Steil commented: "Inflation is clobbering workers, families, and seniors on fixed incomes. The federal government is spending far too much already. We need to focus on protecting promises we have made like Social Security and Medicare. This legislation will put a check on any Executive Actions that could lead to higher costs." His remarks came after endorsing H.R. 347, the REIN IN Act, where he underscored the importance of scrutinizing the inflationary consequences of executive actions. As a co-sponsor of the bill, Steil aims to boost government transparency by mandating reports on potential inflation impacts for executive actions exceeding $1 billion. Under this proposed legislation, the White House would be required to report these findings to Congress annually, thereby improving transparency and accountability regarding executive actions.

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A recent survey conducted by Bankrate revealed that nearly 63% of respondents are pessimistic about their personal finances for 2024 due to persistently high prices for essentials such as food, rent, and medical care. The survey further disclosed that while 26% anticipate financial deterioration and 38% expect their situation to remain unchanged, only 37% are hopeful for an improvement in the coming year.

According to a Fox Business report, government economic reports generally indicate a 3% annual inflation rate with prices having increased by 17.62% since January 2021. Economists argue that this has placed considerable economic pressure on American families leading to concerns about diminished income, variable interest rates, and mounting debt. Reports indicate that there has been a surge in credit card usage resulting in a record-high total credit card debt of $1.08 trillion. The third-quarter total credit card debt has reached its highest level since Federal Reserve data records began in 2003, marking the eighth consecutive year of increase.

As reported by CNN, many Americans, particularly those with lower incomes, have borne the brunt of these economic pressures. Jason Viana, Executive Director of The Open Door, stated: "The years of inflation, they stacked on top of each other. We were seeing the impact of [rising wages], but inflation wiped all that out." In many cases, this year has seen a record-breaking number of food pantry visits across the country, surpassing previous records by a significant margin.