WIPING OUT WAGES: Average American Household Has Lost $7,200 in Income Under Biden
Trump-era gains —gone.
According to data compiled
by the Heritage Foundation, the average American family has lost $7,200 in
household income under President Biden; individual Americans are $4,200 poorer,
as well.
From Fox Business:
Experts at the conservative
think tank analyzed consumer prices data and the Federal Reserve’s interest
rates and found in a Friday report that
Americans have lost the equivalent of $4,200 of income per capita since January
20, 2021.
Consumer prices have risen
12.7% since January 2021, much faster than wages, which Heritage analysts say
has cost the average American worker $3,000 in annual purchasing power.
Additionally, the
tightening monetary policy by the Federal Reserve and increased borrowing costs
on mortgages, vehicle loans and credit cards – caused by higher interest rates
– have reduced the average American’s purchasing power by another $1,200 per
year, Heritage Foundation says.
“Simply put, working
Americans are $4,200 poorer today than when Biden took office,” EJ Antoni,
research fellow in regional economics with The Heritage Foundation’s Center for
Data Analysis, said in a press release. “This financial catastrophe for
American families is the direct result of a president and Congress addicted to
spending our money, combined with a Federal Reserve compliantly enabling this
addiction by printing more dollars.”
Antoni also says the
average household has lost roughly $7,200, a number calculated by doubling the
inflation number of $3,000 and adding $1,200 in losses from interest rates.
“The $4,200 loss figure
erases the average American worker’s real annual earnings increase of $4,000
that occurred during the Trump presidency, according to Heritage,” Fox Business
reports.
More
over at Fox Business:
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