Americans Have Lost $4,200 in Annual Income Under Biden Administration: Report

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Americans have lost over $4,000 in annual income since President Joe Biden took office owing to soaring inflation and higher interest rates, according to data compiled by The Heritage Foundation and released on Sept. 22.

In total, Americans have lost the equivalent of $4,200 in annual income under the Biden administration, according to the Washington, D.C.-based think tank.

The foundation said its experts calculated this โ€œshockingโ€ figure by looking at various sets of data: consumer prices data and the Federal Reserveโ€™s interest rates.

Consumer prices have risen 12.7 percent since January 2021, much faster than wages, which Foundation analysts say has lost the average American worker $3,000 in annual purchasing power.

Meanwhile, the Federal Reserveโ€™s tighter monetary policy to combat inflation has meant that interest rates are rising, resulting in increased borrowing costs on mortgages, vehicle loans, and credit cards. This, Heritage Foundation analysts say, has reduced the average Americanโ€™s purchasing power by another $1,200 per year.

โ€œSimply put, working Americans are $4,200 poorer today than when Biden took office,โ€ said EJ Antoni, research fellow in regional economics with The Heritage Foundationโ€™s Center for Data Analysis.

โ€œThis 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. Washington recklessly spent trillions of dollars it did not have and paid for it with newly printed money, causing rampant inflation that has destroyed peopleโ€™s purchasing power and jeopardized Americansโ€™ financial futures,โ€ Antoni added.

โ€˜Vicious Spiralโ€™

Theย research fellow also took aim at theย Biden administration and Congress for continuing on the spending spree and allowing the Federal Reserve printing presses to roll instead of โ€œcorrecting course over a year ago when inflation began rising.โ€

Inflation was at 1.4 percent when Biden took office in January 2021.

Heritage Foundation analysts noted thatย the average American workerโ€™s real annual earnings increased by $4,000 under formerย President Donald Trumpโ€™s low-inflation economy.

Byย Katabella Roberts

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