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:
Americans have lost $4,200 in annual income under Biden, wiping out Trump gains https://t.co/ndkvDiNqDW
— Vince Coglianese (@VinceCoglianese) September 23, 2022