Dr. Rand Paul Releases Report on Inflation's Effect on American Families and Small Businesses

Statement

Today, U.S. Senator Rand Paul (R-KY) Ranking Member of the U.S. Senate Committee on Small Business and Entrepreneurship, released "The Hidden Tax,' a report that shows inflation's effect on American families and small businesses.

"$4.9 trillion in COVID-19 stimulus spending has led to one of the highest and most sustained levels of inflation in U.S. history. While government stimulus spending was intended as a form of relief, and low and middle-income families as well as small business owners were promised that their taxes would not increase, Americans everywhere are now paying a hidden tax called inflation," said Dr. Paul. "In recent months, prices on nearly everything from gas, food, and clothes to electricity, car prices, and rent, have all increased, and unfortunately it's only going to get worse. Congress needs to realize that further spending at this time of rapidly rising prices is only going to continue the trend of rising prices on this nation's already vulnerable businesses and families."

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