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Inflation, Taxes, and Tariffs: A Comparative Impact on the Middle Class

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joe wallace
joe wallace

Inflation, Taxes, and Tariffs: A Comparative Impact on the Middle Class

The middle class, often considered the backbone of any economy, faces an ongoing battle with three financial forces: inflation, taxes, and tariffs. These factors shape the daily lives of millions, influencing their purchasing power, cost of living, and overall economic security. While each element has its unique mechanism and impact, together, they paint a comprehensive picture of the challenges the middle class confronts today.

Inflation: The Silent Erosion of Purchasing Power

Inflation, the gradual increase in prices over time, is one of the most pervasive economic forces affecting the middle class. As inflation rises, the value of money diminishes, meaning the same dollar buys less than it did before. This loss of purchasing power affects everyone, regardless of their income level, but it can be particularly devastating for the middle class, who often rely on fixed incomes or modest wage growth.

Currently, inflation has eroded purchasing power by approximately 11%, a hit that feels permanent unless wages rise correspondingly. Unlike other economic factors that may be reversible, the impact of inflation compounds over time, slowly chipping away at savings, eroding the value of pensions, and increasing the cost of everyday essentials like food, housing, and healthcare. For many in the middle class, this means tightening budgets, delaying major purchases, and cutting back on discretionary spending.

The only real defense against inflation is income growth, which often requires upgrading skills, taking on additional work, or seeking higher-paying jobs. However, not everyone has the means, time, or opportunity to do so, making inflation a relentless force that continues to widen the gap between the middle class and financial security.

Taxes: The Unavoidable Burden

Taxes are an inescapable part of life, impacting the middle class from every angle—income, sales, property, and even in death through inheritance taxes. While taxes fund essential public services like education, infrastructure, and healthcare, they also represent a significant financial burden, often hitting the middle class harder than the wealthy due to the proportional nature of tax rates.

For many middle-class households, income taxes are a constant concern. The tax code, with its myriad deductions, credits, and loopholes, often seems more favorable to the wealthy, who have access to sophisticated tax planning strategies. Meanwhile, payroll taxes such as Social Security and Medicare take a bigger chunk out of paychecks, often without corresponding increases in benefits.

Sales and property taxes also weigh heavily on the middle class. These regressive taxes disproportionately impact those who spend a larger share of their income on essentials, leaving less room for savings and investment. And while tax cuts are often touted as relief, they frequently provide more significant benefits to higher-income earners, leaving the middle class with only marginal gains.

Ultimately, taxes are an unavoidable cost that reduces disposable income and limits financial flexibility, perpetuating the cycle of living paycheck to paycheck for many middle-class families.

Tariffs: Targeted Pain with Collateral Damage

Tariffs, essentially taxes on imported goods, are a less direct but still impactful factor on the middle class. Designed as economic tools to protect domestic industries or penalize foreign competitors, tariffs often lead to higher prices on targeted goods. While the intent might be to shield local jobs or retaliate against unfair trade practices, the costs often trickle down to consumers.

For example, tariffs on steel or electronics might initially seem to affect only specific industries, but they result in higher prices on a wide range of products, from cars to household appliances. These increased costs ultimately land on the consumer, with the middle class bearing the brunt since they spend a larger proportion of their income on these goods.

Unlike inflation or taxes, the impact of tariffs is more selective, hitting those who buy the tariffed products. However, as supply chains are interconnected globally, the ripple effects can lead to broader price increases, further straining middle-class budgets.

Conclusion: A Confluence of Challenges

Inflation, taxes, and tariffs each uniquely erode the financial stability of the middle class. Inflation diminishes purchasing power, taxes siphon away income at every turn, and tariffs raise the costs of specific goods. Together, these forces create a challenging economic landscape where the middle class must constantly adapt, often with limited options.

To mitigate these impacts, individuals can seek higher wages, pursue additional education, or explore tax-efficient investment strategies. However, the broader solution lies in policy reform that considers the cumulative effect of these factors on the middle class, ensuring that economic growth benefits not just the few but the many.

Hoosier History Highlights

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September 8 – September 14

This Week in Indiana History


Kennedy

September 8, 1972 Kennedy (Lisa Kennedy Montgomery), television personality, born in Indianapolis.


September 8, 2003 Indiana Governor Frank O’Bannon suffered a stroke at the Palmer House Hilton in Chicago. He died five days later at age 73 and was buried at Cedar Hill Cemetery in Corydon.

Obannon


Sanders September 9, 1890 Harland Sanders was born near Henryville. He developed a popular recipe for frying chicken in a pressure cooker, becoming famous as the Kentucky Colonel of KFC restaurants.

September 10, 1914 Robert Wise, American Award-winning film director (The Day the Earth Stood Still; West Side Story; The Sound Of Music), born in Winchester.

Wise

Lincoln Highway September 10, 1913 The route of the Lincoln Highway was revealed. The idea of Indiana’s Carl Fisher, it was the first coast-to-coast paved road. In Indiana, the Lincoln Highway went through Elkhart, South Bend, and LaPorte.

Our Where in Indiana? from last week was taken of Olympia Candy Kitchen in Goshen.

Olympia

Where in Indiana?

Do you know where this photograph was taken?

Visit us on Instagram to submit your answer.

September 8

Follow us on Instagram: @instatehousetouroffice

Cow barn

Indiana Statehouse Tour Office

Indiana Department of Administration

Guided Tours of the Indiana Statehouse are offered Monday through Saturday.  For more information, contact us.

(317) 233-5293
Estanley@idoa.in.gov


Statehouse Virtual Tour

Indiana Quick Quiz

1. What year was Indiana’s first round barn built?

2. What Indiana city is known as the Limestone Capital of the World?

3. Where can you find the largest anatomically correct sculpture of the human brain?

4. How many men from Indiana have been elected as the vice president of the United States?

Answers Below


in

For more activities

             in IN

https://www.visitindiana.com/


Answers

1. 1874

2. Bedford

3. Department of Psychological and Brain Sciences at Indiana University.

4. 6


quote

“And I was like, ‘Oh, we’re going to have to run today. Like, there’s no messing around….’ And I told myself, ‘Don’t be soft. You got to go with it or you’re going to regret this for the rest of your life if you don’t go with it.’ ”

– Indianapolis native Cole Hocker on his thrilling come from behind effort on the final laps to set an Olympic record of 3:27.65 and win the 1,500m at the 2024 Paris Olympics.

A wonderful statement of Hoosier character and grit!

EPD MERIT COMMISSION MEETING

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EVANSVILLE POLICE MERIT COMMISSION

MEETING AGENDA

Monday, September 9th, 2024

4:15 p.m.  Room 307, Civic Center Complex

  1. EXECUTIVE SESSION:
  1. An executive session will be held prior to the open session.
  1. The executive session is closed as provided by:
  1. I.C. 5-14-1.5-6.1(b)(5): To receive information about and interview prospective employees.
  2. I.C. 5-14-1.5-6.1(b)(6)(A): With respect to any individual over whom the governing body has jurisdiction to receive information concerning the individual’s alleged misconduct.
  3. I.C. 5-14-1.5-6.1(b)(9): To discuss a job performance evaluation of individual employees.  This subdivision does not apply to a discussion of the salary, compensation, or benefits of employees during a budget process.
  1. OPEN SESSION:
  1. CALL TO ORDER:
  1. ACKNOWLEDGE GUESTS:
  1. APPROVAL OF MINUTES:
    1. August 26th, 2024 (Sutton, Thompson)
  1. APPROVAL OF CLAIMS:
  1. PROBATIONARY OFFICER UPDATE:
    1. Update for probationary officers in SWILEA and Field Training. 
  1. APPLICANTS:
    1. 24-119
  1. RESIGNATIONS:
    1. Officer Stephan Alexander Welcher, badge number 1541, resigning effective September 4th, 2024, after serving two years, seven months, and eleven days with the Evansville Police Department.
  1. RETIREMENTS:
    1. Officer Jarrod Heath McConnell, Badge Number 1175, retiring effective September 12th, 2024, after serving twenty-nine years and one day with the Evansville Police Department. 
  1. REMINDERS:  
    1. The next schedule meeting is Monday, September 23rd, 2024, at 4:15pm.
  1. ADJOURNMENT:

EPD DAILY ACTIVITY REPORT

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EPD

 

EPD DAILY ACTIVITY REPORT

FOOTNOTE: EPD DAILY ACTIVITY REPORT information was provided by the EPD and posted by the City-County-County Observer without opinion, bias, or editing.

HOT JOBS

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Material Handler II – Receiving

Ascension 3.6 3.6/5 rating
Grand Blanc, MI
Chauffeur’s license at time of hire or job transfer date required. Other training beyond high school, e.g., certification, degree, other training, preferred.
Just posted

OOA Office Operations Assistant – Midway Road Lab

Ascension 3.6 3.6/5 rating
Menasha, WI
Prior medical reception / front desk experience preferred. Note: Required professional licensure/certification can be used in lieu of education or experience,…
1 day ago

Patient Navigator

Ascension 3.6 3.6/5 rating
Murfreesboro, TN
Provide informal counseling, education, and social support to clients. Identify potential clients, complete initial needs assessment, and maintain follow-up to…
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Inventory Coordinator-SCM

Ascension 3.6 3.6/5 rating
Grosse Pointe Woods, MI
Note: Required professional licensure/certification can be used in lieu of education or experience, if applicable. Long-term & short-term disability.
1 day ago

Patient Access Representative – Murdock and Branch Radiology

Ascension 3.6 3.6/5 rating
Wichita, KS
Perform clerical and reception duties associated with patient registration. Note: Required professional licensure/certification can be used in lieu of education…
3 days ago

Patient Transporter

Ascension 3.6 3.6/5 rating
Nashville, TN
Note: Required professional licensure/certification can be used in lieu of education or experience, if applicable. Long-term & short-term disability.
Just posted

Administrative Associate – Float Group A

Ascension 3.6 3.6/5 rating
Grand Blanc, MI
Receive, record payments for hospital, medical services rendered; maintain petty cash fund; balance cash drawer, prepare cash reports, bank deposits daily.
2 days ago

Front Office Assistant – Behavioral Medicine

Ascension 3.6 3.6/5 rating
Washington, DC
Note: Required professional licensure/certification can be used in lieu of education or experience, if applicable. Long-term & short-term disability.
Just posted

EPA and Forest Service Release Updated AirNow Fire and Smoke Map

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Updated map loads more quickly, includes additional information to help protect people from wildfire smoke

WASHINGTON –  Sept. 5, the U.S. Environmental Protection Agency and the U.S. Department of Agriculture’s Forest Service released an updated version of the popular AirNow Fire and Smoke Map to provide millions of people in the U.S. with more information they can use to protect themselves from wildfire smoke.

“As millions of Americans have experienced, wildfire smoke can travel for hundreds of miles, including from Canada, affecting people anywhere in the U.S.,” said EPA Assistant Administrator for Air and Radiation Joseph Goffman. “The updated AirNow Fire and Smoke Map makes even more information available about wildfire smoke and air quality – information anyone across the country can use to reduce their exposure and protect their health.”

“As we continue the important work to confront the wildfire crisis, we are committed to working with federal, state, tribal and local health departments and air quality agencies to protect public health,” said Forest Service Chief Randy Moore. “This updated map is a valuable resource for people taking action to protect themselves and their families from smoke impacts.”

The updated Fire and Smoke Map has a new look and feel, is designed to load more quickly, and includes information not available in the previous versions, such as:

  • Air quality monitoring information on coarse particle pollution and ozone, both of which can increase because of wildfire smoke.
  • More information on individual wildland fires, including the type of fire and level of fire activity, when available.
  • Information from low-cost fine particle sensors in Canada, in cooperation with Environment and Climate Change Canada.

The new version of the map allows users to see activity recommendations at a glance – or to expand the information to see more, including more information on actions to take to protect your health, charts showing how air quality has changed over the past week, and whether there are other fires within 30 miles of their locations. The map makes Smoke Outlook alerts more prominent and links to these forecasts, where available, to help the public better understand the possible impacts of smoke over the next several days. The Forest Service-led Interagency Wildland Fire Air Quality Response Program issues Smoke Outlooks for certain large fires.

EPA and the Forest Service made a beta version of the map available for public review in July; the new version reflects changes the agencies have made to date in response to public feedback.

EPA and the Forest Service developed the Fire and Smoke Map to provide the public information on fire locations, smoke plumes, near real-time air quality, Smoke Outlooks for large U.S. wildfires, and protective actions to take — all in one place. To give users the most localized air quality information possible, the map pulls data from monitors that regularly report to AirNow, temporary monitors such as those the Forest Service and air agencies have deployed near fires, and crowd-sourced data from nearly 15,000 low-cost sensors that measure fine particle pollution, the major harmful pollutant in smoke. The map shows this data in the familiar color-coding of the U.S. Air Quality Index.

You can view the Fire and Smoke Map on the AirNow website or select the smoke icon on the bottom right of the AirNow smartphone app. To view the map in Spanish or to select a modified AQI color scale for users with certain color vision deficiencies, click the settings icon at the top right corner of the map.

Download the AirNow app:

EPD DAILY ACTIVITY REPORT 

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EPD

 

 

 

FOOTNOTE: EPD DAILY ACTIVITY REPORT information was provided by the EPD and posted by the City-County-County Observer without opinion, bias, or editing.

Women’s golf to open season at Redbird Invitational

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Aces play Sunday and Monday

 EVANSVILLE, Ind. – On Sunday, the University of Evansville women’s golf team opens the 2024-25 campaign with a trip to the Redbird Invitational in Normal, Ill.

Action begins with 36 holes on Sunday with the final 18 set for Monday morning.  Play opens with a shotgun start at 8:30 a.m. both days.  Participating teams include Bradley, Butler, Drake, Evansville, Illinois State, Illinois Wesleyan, Indiana State, IU Indianapolis, Little Rock, Loyola (Chicago), Northern Illinois, Northern Iowa, South Dakota, and Valparaiso.

After redshirting last season, Mallory Russell makes her return to the squad.  She was part of the 2021 Missouri Valley Conference Championship team and is opening her senior season with the Purple Aces.

Two-time MVC Individual Champion Kate Petrova opens her junior campaign.  Last season, she finished with a 74.69 stroke average in 29 rounds of action.  On the strength of her MVC win, Petrova became the program’s first student-athlete to compete in an NCAA Regional as an individual.  She was among the leaders following the opening round in East Lansing, posting a 2-under 70 to open the event.

Men’s golf heads to Colonel Shootout to open season

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Aces play Saturday and Sunday

 EVANSVILLE, Ind. – Action gets under way for the University of Evansville men’s golf team who opens the 2024-25 season this weekend at the Colonel Shootout in Richmond, Ky.

The University Club at Arlington will host the tournament, which is set for 36 holes on Saturday with the final 18 taking place on Sunday.  Par is 71 and the yardage is 6,700.  Schools participating include Canisius, Tennessee State, West Georgia, Chicago State, Kentucky State, Alabama A&M, Evansville, Detroit Mercy, NC Central, Mercyhurst, Robert Morris, and Eastern Kentucky.  Cincinnati and Vanderbilt will have individuals on hand.

Leading Evansville’s returners are Daniil Romashkin and Andres Rodriguez.  Romashkin, who opens his junior season with the Purple Aces, recorded a 73.91 stroke average last year.  He began the season with a tie for third place at the Valpo Fall Invitational before scoring his low round of the season in the second 18 holes of the Bubba Barnett Intercollegiate.  His 6-under 66 helped him earn a tie for 9th.

Rodriguez had three top 20 finishes in the 2023-24 season.  His top outing was an 11th at the Valpo Fall Invitational.  Rodriguez’ low round came at the Bubba Barnett Intercollegiate where he carded a 4-under 68 in the second round.  He completed the season with a tie for 18th at the TSU Big Blue Intercollegiate where he posted a 2-under 69 in the second round.