An annual salary of $100,000 used to be a lot of money. But according to a new study from SmartAsset, $100,000 in New York City has a purchasing power of just $30,914. In other major cities, including Boston and Washington, D.C., the purchasing power of $100K is below $50,000. All across our country, Americans are realizing that the value of the dollar is shrinking. 

Connecticut is no exception. In fact, Congressional Republicans’ State Inflation Tracker found that Connecticut households were forced to spend between $700-$800 more per month in 2022 compared to January 2021 price levels. 

Unrelenting inflation has devastated the wallets of Connecticut residents. There’s been a 15% increase in prices between the start of 2021 and the end of 2022, and inflation has only worsened since. And unfortunately, real wage growth is not making up for the rise in prices. 

The fact is that President Biden has not been able to effectively produce growth in the American economy. In discussing his “Inflation Reduction Act,” he backtracked on the purpose of the bill, saying, “It has less to do with reducing inflation than it does providing for alternatives that generate economic growth…” Well, it certainly hasn’t generated growth. 

Under President Biden, Governor Lamont, and Connecticut Democrats, our economy is in shambles. And in the face of rising prices, Democrat officials look to levy more taxes and fees on the American people. They don’t care about inflation, they don’t care about the cost of living, and they most certainly do not care about you.