In the news: Inflation rates continue to reach historic milestones, with March showing an 8.5% jump. But what does this actually mean for you?
Why it matters: That pay raise you just got? With this rate of inflation, it’s probably more like a pay cut. The math shows that these increases in inflation are costing the average American family thousands of dollars in annual income.
Our take: “If President Biden and others are serious about helping working Americans, they need to take responsibility for the mess they created, cut government spending, and end the regulatory war on American energy production,” says Heritage research fellow E.J. Antoni.
Learn more: Find out what inflation is costing Americans here.