(Tea Party PAC) – The American people are now facing what the folks over at Bloomberg Economics have dubbed an “inflation tax” of a staggering $5,200 per year, a figure that might make you clutch your chest and call for an ambulance because that is plain out right massive.

According to The Western Journal, while a report from Bloomberg pointed out that savings accrued during the pandemic might help provide a cushion for some individuals, it also stated that as money within the bank starts to dwindle, more and more Americans will be out hunting for jobs, which might actually dampen wage growth.

“Inflation emerged in March as the top economic problem facing the nation, according to Gallup,” The Western Journal said.

The polling firm has discovered that in March, 17 percent of those who were surveyed ranked inflation as their top economic concern, which is up from 8 percent in January.

Joe Biden and the Democrats’ out-of-control spending has resulted in CRUSHING inflation on the American people. pic.twitter.com/3BhDBbTn4M

— Ted Cruz (@tedcruz) March 29, 2022

“The company found that inflation did not rank as the top concern of Americans, however. The top concern was the category of ‘the government/poor leadership,’ which was cited by 22 percent of those responding as their top concern,” the report continued.

Rob Kapito, who serves as the president of Black Rock, which is a financial firm, went on to say that young Americans are the ones likely to feel the impact from inflation the most.

“For the first time, this generation is going to go into a store and not be able to get what they want,” he stated recently, according to a report from MarketWatch. “And we have a very entitled generation that has never had to sacrifice.”

Kapito then urged consumers to “put on their seat belts,” as the country faces what he has labeled as “scarcity inflation.”

A report recently put out by the Federal Reserve Bank of San Francisco has revealed that President Joe Biden’s spending has poured gasoline on inflation, according to the folks over at Fox Business.

“Fiscal support measures designed to counteract the severity of the pandemic’s economic effect may have contributed to this divergence by raising inflation about 3 percentage points by the end of 2021,” Òscar Jordà, Celeste Liu, Fernanda Nechio and Fabián Rivera-Reyes in the San Francisco Fed’s weekly Economic Letter went on to say in a written piece.

This is Bidenflation. SF Fed chart literally shows the impact on inflation of Biden’s $1.9T 3/21 gov’t spending spree. It shows US inflation vs that in Canada, Denmark, Finland, France, Germany, Netherlands, Norway, Sweden, & the UK – the chart ends before Russia invaded Ukraine. pic.twitter.com/aEJyglsI0Q

— Andy Puzder (@AndyPuzder) March 30, 2022

“What comes next in terms of consumer behavior will depend on how badly consumers are actually hurting, Mark Zandi, chief economist at Moody’s, said, according to CNBC,” the Western Journal reported.

“If the high-income consumers are out buying, we won’t see a big impact on raw consumer activity,” Zandi commented.

Zandi then said that low-income Americans “are living paycheck to paycheck but have not had to pull back on spending yet, but that is coming.”

He then offered a suggestion of how you can spot when lower-income households are in financial trouble.

“Look to the discretionary items and spending on meat, steak, start to come down, or you start to see less dining out at restaurants that cater to lower- and middle-income households, the chain restaurants,” Zandi explained. “When they are trading down in various consumer items, that’s the real tell.”

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