According to the latest consumer spending data from the Bureau of Labor Statistics, Americans spent more money on taxes last year than on food, healthcare, education, and clothing COMBINED.
In 2021, taxes accounted for about 25% of average consumer spending, which outpaced the average spend for many essential categories for most Americans. During that time, each “consumer unit” – individual or combined household – spent an average of $16,721.42 on food ($8,289.28), healthcare ($5,451.61), education ($1,226.14), and clothing ($1,754.39) – clocking in just under the $16,729.73 average paid in taxes.
Although it has been the case that Americans have been paying more of their income to taxes than they have spent on these essential categories for several years, the BLS consumer spending index data from Biden’s first year in office paints a grim picture for the future, as inflation – even from the back-end of 2021 before Bidenflation really kicked into hyperdrive – forced Americans to spend more on everyday essentials in 2021 than years prior.
Furthermore, a deceptive “$400 reduction” in taxes for the average consumer is not all it seems to be. While the $16,729 mean tax for each consumer unit checks in slightly below the average tax bill in 2020, it only achieves the feat by being “offset” by an average stimulus payment of $2,541.71. In other words, the Average tax payments were around $19,270 – or $2,122 above what they were in 2020. This included a whopping $8,561.46 in federal income tax, $2,564.14 in state income taxes, $2,475.18 in property taxes, $5,565.45 in Social Security, and $105.21 in other taxes.
The sleight of hand with the BLS report has led the fake news media to trumpet the numbers as an indicator of economic success for the Biden administration. According to The Daily Mail, the gap between tax expenses and living costs is “the smallest difference between the two costs since 2017.” Someone get the Big Guy an ice cream cone.
As to where said taxes are going under the Biden Regime, billions have gone to illegal invaders who walk across the southern border and are given thousands – if not tens of thousands – in aid via housing accommodations, travel costs, legal representation, food, and even cash handouts for expenditures – all paid for by said taxes. Oh and Biden is surely gearing up to send another billion or two to be laundered in Ukraine – you know, to protect democracy.
In other words, Americans are being forced to slave away to pay a whopping 25% of their total earnings just in taxes in order to foot the bill for the destruction of the country – and that’s before Biden’s new tax hike kicks in and he sicks his 87,000 newly hired, armed IRS collectors on the public. What’s more, last year’s numbers barely scratch the surface to account for the ‘invisible’ tax that is inflation, which has ballooned out of control under this fraudulent regime.
Miss Trump Yet? Unfortunately, Biden’s year two is gearing up to be even more brutal on the American consumer, as the privately-owned Federal Reserve (yes that same FED) is planning yet another interest rate hike in the wake of the Biden regime’s catastrophic economic failures that have landed the US in this mess.
And when the FED increases interest rates, they’re attempting to cool inflation by tightening the money supply, but how does this affect the rest of us?
Individuals and small businesses will have a harder time borrowing money, and, if they do, it will be at a much higher interest rate. Also, those who have adjustable-rate mortgages will see an immediate and substantial increase in their payments. As a result of higher interest rates and growing inflation, defaults on mortgage payments and foreclosures will undoubtedly skyrocket, which is already happening in some areas due to the FED’s decision to hike rates earlier this year. In August, defaults and foreclosures across the US were up 118% over the same time in 2020.
The FED’s decision to raise interest rates is another non-solution by our incompetent government to an issue they created by printing billions of dollars for useless, pork-stuffed spending bills and foreign government “aid.” Instead of actually improving infrastructure and housing, increasing oil production, and avoiding an unnecessary war, the federal government under the Biden administration has done the complete opposite – it’s the complete and planned demolition of this country that’s being conducted by a Marxist, anti-American, fraudulent regime.
There is also another bonus for the FED and those who are involved in this fraudulent money printing-inflation scheme – hundreds of millions in daily interest payments! With each rate hike, a group of anonymous beneficiaries who hold assets under the FED – including foreign governments and central banks – receive massive windfalls of cash that are generated off of interest paid by the US Government – aka the taxpayer.
US FED is Quietly Handing Out $250 Million in Interest Payments PER DAY to Small Group of Nameless Beneficiaries
So, as they systematically destroy life as we know it for the sake of the globalist utopia (the new normal), massive sums of cash are being funneled off the top to make a small group of elites rich while you give up a quarter of earnings via taxes.
Unfortunately, this means we’re the ones funding the Marxist overthrow of the United States – and, with more money than we spend on essentials like food and education… Considering who is in office, what the agenda is, and what taxes are being spent on currently, no taxation without representation seems pretty damn appropriate right now.
The post Highway Robbery: Americans Spent More on Taxes Last Year Than Food, Healthcare, Education, and Clothing… COMBINED appeared first on The Gateway Pundit.