President Joe Biden referenced Vice President Kamala Harris' role in passing the Stop Inflation Act during his farewell speech at the Democratic National Convention on Monday.
“Guess who got the ball rolling? Vice President Kamala Harris, who will soon be president. And now it's the law of the land,” Biden said of the $739 billion spending bill that passed the Senate in August 2022 on a 51-50 vote with Harris' vote.
But rents have risen 13% since Ms. Harris, now the Democratic presidential nominee, ran in the runoff elections as Senate president, compared with a 36% increase in the cost of new mortgages over the past two years, according to estimates compiled by the American Tax Reform Institute.
Additionally, the price of baby food has increased by 13 percent, and frozen vegetables have risen by 14 percent.The conservative group ATR analyzed figures from the Bureau of Labor Statistics and the Federal Reserve.The costs of shipping, butter, bread, flour and breakfast cereals have all increased by single digits since the passage of the Inflation Control Act.
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Critics say baby food and frozen vegetables are among the household grocery items expected to see double-digit inflation under a Biden-Harris administration. (iStock)
Prices of gasoline, transport, energy, poultry and milk have fallen over the past two years, according to ATR figures.
But prices in every sector measured by ATR statistics have risen by at least double digits since Biden and Harris took office in January 2021. New mortgage rates have soared 156% and rents have increased 22% since the Biden-Harris presidency.
Gas increased by 35%, energy by 33% and transportation by 28%.
Egg prices increased by 53 percent, baby food by 30 percent, frozen vegetables by 28 percent, bread by 24 percent and milk by 17 percent.
Shortly after taking office as vice president in March 2021, Harris was in the runoff election for the $1.9 trillion American Rescue Plan, which would have resulted in more money printing amid rising inflation.
Connecticut family forced to live in hotel due to rising housing costs
Both gasoline and energy prices have increased significantly since January 2021. (Joe Raedl/Getty Images)
“Kamala Harris voted in the runoff election on the biggest piece of inflationary legislation: the American Rescue Plan and the Curb Inflation Act. She also supported the Biden-Harris regulatory regime that will impose additional burdens on households,” Grover Norquist, president of the American Tax Reform Institute, told Fox News Digital.
“And now she's vowing to make it worse by imposing a series of tax hikes,” Norquist continued. “She supports a carbon tax, a 44.6% capital gains tax and a federal corporate tax rate of 28%, higher than China's 25% and the EU average of 21%. Americans' take-home pay will be further reduced.”
Harris' campaign did not respond to inquiries for this article, but the Democratic National Committee responded by pointing to former President Donald Trump's economic performance during his final year in office and at the height of the COVID-19 pandemic.
Democratic National Committee spokesman Alex Floyd said Trump would implement tax cuts for billionaires if elected, adding that he “left his presidency with the worst jobs record since Herbert Hoover.”
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Floyd pointed to a June statement by 16 Nobel Prize-winning economists endorsing then-candidate Biden's economic plan, arguing that Trump's proposals would lead to inflation.
“Economists are calling Donald Trump's plan an inflation bomb that would betray working families in order to double down on tax cuts for the ultra-rich,” Floyd told Fox News Digital.
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