New Report Shows Just How Much Americans Have Lost in Yearly Income Under Joe Biden
I know that we’re all dealing with our bank accounts and wallets being a little more empty nowadays thanks to Joe Biden, and it honestly doesn’t look like it’s getting better, only worse.
As you know, the prices of practically everything has gone up ever since Joe Biden took office. Gas, groceries, rent, interest rates, you name it, he’s messed it all up and we’re paying to price for it…literally.
He could care less because he’s rich and he gets paid from our hard earned tax money every year for the rest of his life.
Inflation is so high that for most of us, the raises that you may have received over the last year, or even two years likely aren’t enough to offset the astronomical inflation rate that we’re currently experiencing.
But just how much has this skyrocketing inflation been costing us? Well, we can finally put a number to the pain.
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 “shocking” figure by looking at various sets of data: consumer prices data and the Federal Reserve’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 Reserve’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 American’s purchasing power by another $1,200 per year.
$4,200 per year…lost. What could you have done with an extra $4,200? I know I could have done a WHOLE lot with that money. That’s a nice vacation…maybe two even!