And it's the average American who is hurt particularly hard by the skyrocketing cost of living. Peter Schiff appeared on the Megyn Kelly show to talk about how inflation really hurts working and middle-class Americans.

Even as inflation rises, the Biden administration continues to spend money at a torrid pace. The borrowing and spending will only increase inflationary pressures. Administration officials claim the "the rich" will pay for all of the spending, but as Peter pointed out, this simply isn't true.

In fact, a lot of people who are rich end up benefitting from inflation because inflation also pushes up the value of assets that a lot of rich people own. But unfortunately, a lot of middle-class Americans don't own those assets. They just get stuck with the bill. They earn wages, but their wages don't rise nearly as much as the cost of living. And so, even though they get a bigger paycheck, they're actually earning less, because when they go to spend those dollars, they can't buy nearly as much stuff."

Peter said that's why inflation is the worst way to pay for government.

It's the most regressive form of taxation. It hits hardest those who could least afford to pay. That is the biggest problem because Biden wants to pretend we're getting all this government for free. Nothing is free — especially government. And whenever the government pretends you're getting something for nothing, it's a lie. They're just trying to win your vote. But then you don't realize that they're buying your vote with your own money."