In a Fox News town hall, GOP presidential candidate Tim Scott said, “Median income in this country is … $35,000 a year. Because of Joe Biden's inflation, the average monthly expenses have increased by $500, almost.” Both numbers are misleading.
By Wes Hester • November 24, 2010
Gary Burtless, an economist with the Brookings Institution, a Washington, D.C., think tank said both metrics are imperfect because they don’t include such sources of income as food stamps, housing assistance, the monetary value of employer-provided health insurance, Medicare, Medicaid and refundable tax credits.." This statistic divides the total national income by the population, after subtracting taxes paid.
, the amount would be $58,954; that’s the amount more people would recognize from their income inflows.Economists generally give Biden some of the blame for the recent high inflation, but not all of it. The American Rescue Plan, a coronavirus relief bill, he signed in 2021 pumped money into Americans’ bank accounts, stimulating demand. But even without that government stimulus, supply shortages were already driving up prices.. Here are the key paragraphs:inflation jumped to 9.
Another issue:"We all buy different things," Holtz-Eakin said."So everyone’s inflation index will be different."Scott said,"Median income in this country is … $35,000 a year. Because of Joe Biden's inflation, the average monthly expenses have increased by $500, almost."
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