Commentary: Top Economist Warns ‘Every American’ Will Pay for Biden’s Presidency As Inflation Shoots Toward Point of No Return

One of the country’s top economists is predicting that rising inflation will ultimately equate to a “Biden tax” that every American will feel in the coming year, thanks to his administration’s out-of-control spending and its inevitable effect on the prices for goods.

Economist Peter Schiff joined Fox News host Tucker Carlson on May 12 to address the issue of government spending. Schiff argued that while Americans might have more cash in the short term, the printing of all cash through behemoth recovery bills will eventually create an increase in prices that will be felt far and wide.

Citing data from the Bureau of Labor Statistics, Carlson told Schiff and his viewers that inflation is rising “much faster than virtually any economist in the country predicted,” noting that “the year-over-year gain in the consumer price index is up 4.2 percent … the fastest jump in 13 years, since the 2008 meltdown.”

“The rise in what’s called the core consumer price index, that excludes food and energy, is the highest in 40 years — since 1981,” Carlson added, asking Schiff to break that information down into layman’s terms.

Schiff warned that families will feel the burden of all that the printed money in the same way they would a tax, and people should be “concerned.”

“This is a tax. It is the inflation tax. And if you look at how much the cost of living went up, measured by the in the first four months of this year, it’s 2 percent. So, if you triple that to annualized it, we have consumer prices rising at 6 percent annually,” the economist warned. “But if you look at the monthly numbers, every month it accelerates. So, if you extrapolate the trend of the first four months of this year for the entire year, you’re going to get a 20 percent increase in consumer prices in 2021.”