Americans have less money than they had last year – though taxes haven’t been raised. So what’s the problem? Inflation, which has increased at a 40-year high annual pace of 7.9%. It acts as a hidden tax because we don’t see it listed on our tax bills, but we sure see less money in our bank accounts. In fact, inflation-adjusted average hourly earnings for private employees are down 2.8% over the past year. This means a person with $31.58 in earnings per hour is buying 2.8% less of a grocery basket purchased just last February. “For a typical family, the … Continue reading Op-Ed: The hidden tax increase in plain sight