The administration's encouragement of high inflation through profligate spending is a regressive tax on all Americans, but especially the poor. The scheme to "forgive" all student loan debts will also exacerbate inflation.

Both wages and social security benefits are negative when adjusted for inflation. Most savings and "safe" investments are also net negative (i.e., losing money) when adjusted for inflation. But do not worry, the federal and state government will still tax your net negative interest, dividends, and capital gains.

About the only winners in this inflationary environment are those with fixed rate mortgages or student loans — they can pay them back with current and future inflated dollars. Should they give credit for that to the Biden administration? Probably not since Biden is blaming Russia and Putin for the inflation.

P.J. Rovero

Niantic