Vice President Kamala Harris’s claims about her economic record are a stark contrast to the reality of the financial struggles faced by the middle class. Despite being part of an administration that has implemented policies that have financially devastated the middle class, Harris has the audacity to claim that reversing these policies would make things worse.
A closer look at the facts reveals a different story. Since Harris took office, annual inflation has skyrocketed from 1.4% to over 9%, eroding the purchasing power of the average American. The typical family has lost $4,000 in annual purchasing power due to inflation outpacing wage growth.
The root cause of this inflationary wave is the unprecedented overspending by the government, which Harris has not only overseen but also actively advocated for. The federal debt has ballooned by over $7 trillion, with the Treasury burning through another $1 trillion in cash reserves. This has led to a cumulative deficit of over $8 trillion, which is projected to breach $9 trillion by January 2025.
The consequences of this fiscal recklessness are far-reaching. Taxpayers are now shelling out $1.6 trillion annually to finance the burgeoning debt, with interest rates soaring to unprecedented heights. The Treasury paid $140 billion in interest on the debt in June, which accounted for over 75% of all personal income taxes collected that month.
The impact on family finances is devastating. With higher interest rates, the monthly mortgage payment on a median-priced home has more than doubled, rising over 115%. This translates to an extra $14,000 per year for the same house. Credit card debt has also reached $1.1 trillion, with the average interest rate on outstanding balances near a record high. Families are now paying $240 billion annually in credit card interest, without putting a dime toward principal.
These statistics paint a grim picture of the economic reality faced by the middle class. Harris’s refusal to take accountability for her role in this disaster is compounded by her claims that a conservative agenda would exacerbate the problem. In reality, conservatives aim to rein in government spending and borrowing, and end inflation, rather than perpetuating the policies that have led to the current crisis.
