A majority of surveyed American families are worried about inflation and are changing their summer vacation plans because of it, according to newly released polling data.
The poll, from Echelon Insights, found that “75% of parents say they are concerned about the rising cost of everyday purchases like food or gas.”
President Joe Biden’s recent action to address record-high gasoline prices will have a bare minimum impact on consumers, saving some American families a few dollars a month.
Biden issued an emergency waiver Tuesday allowing gas stations nationwide to sell gasoline with 15% ethanol (E15), pausing a federal environmental regulation that prohibits the corn-based biofuel mixture during the summer months to limit smog. American consumers are currently facing record-high pump prices and soaring inflation at levels not seen since 1981.
A new report estimated the annual cost of elevated inflation this year will be around $3,500 per household.
The Wharton School of the University of Pennsylvania, one of the nation’s leading business schools, released the report, which estimated much higher costs for American families because of inflation that has risen this year at the fastest rate in decades.
Millions of American families will begin to receive monthly cash payments Thursday as part of the $1.9 trillion coronavirus relief package that President Joe Biden signed into law in March.
The payments are an expansion of the Child Tax Credit, and will continue for a year before requiring congressional renewal. As many as 90% of American families are eligible to receive hundreds of dollars a month for each child they have, and some experts believe that the policy could ultimately cut child poverty in half.
Wednesday morning on the Tennessee Star Report, host Michael Patrick Leahy welcomed Tennessee State Senator Ferrell Haile to the newsmakers line to talk about his three top priorities as Senator which are children, families, and education in addition to the progress he’s made in the safe baby court.
President Joe Biden touted a key part of his education initiative Monday, pushing for two years of free community college nationwide, but some critics question the long-term efficacy of his plan.
Biden spoke at Tidewater Community College in Norfolk, Virginia, to promote his proposal, which would provide, among other things, $109 billion for two years of tuition-free community college.
“Do we want to give the wealthiest people in America another tax cut, or do you want to give every high school graduate the ability to earn a community college degree?” Biden asked during his speech, arguing that 12 years of schooling is not long enough in the modern economy. “That’s why the American Families Plan guarantees four additional years of public education for every person in America – two years of universal, high-quality pre-school and two years of free community college.”
America’s working families need allies, not obstacles.
As a mother and a Michigan small business owner, I vividly recall the anemic “recovery” we experienced under the Obama-Biden administration, which increased regulatory costs to a historic high of nearly $2 trillion a year — a tab paid in large part by hard working entrepreneurs like me.