New studies reveal an average American lost almost $4,200 in annual income since the beginning of Biden’s presidency, thus reversing all the gains of the Trump administration.
The diluting value of dollars brought many Americans to the brink of poverty, as inflation continues to rise even now.
American Dollar Loses Its Value Under Biden
According to a newly released report by a conservative think tank, Heritage Foundation, rising inflation and skyrocketing interest rates have increased the suffering of average American families.
So, the study continues, Americans faced a loss of nearly $3,000 in annual income, due to the declining purchasing power of the currency.
This reduction in purchasing power is due to the rising Consumer Price Index (CPI), which is increasing disproportionately, compared to wages.
The average American has lost $4,200 in annual income since President Biden took office — entirely wiping out gains made under the Trump administration, an analysis from the Heritage Foundation shows=GET OUT AND VOTE TO TAKE BACK THIS COUNTRY
— JRG (@jonathonRGeorge) September 23, 2022
Even though CPI has risen by 12.7% since January last year, wages have only increased by 8%, which is the actual reason for the diminishing income of American families.
Likewise, inflation and increasing interest rates contribute to the reduction of almost $1,200 in Americans’ income, the study added.
EJ Antoni, an economic expert, associated with the Heritage Foundation, noted Biden is making Americans poor by increasing social spending, while the Federal Reserve is fueling the fire by consistently printing more money.
On the other hand, the Heritage Foundation established, Americans had a net gain of $4,000 in their annual earnings under the Trump administration.
Antoni added Americans are now forced to take on more debt to make ends meet. As the Federal Reserve started to tackle inflation, Antoni continued, the interest rate is going up, which is also pushing mortgage payments to unprecedented heights.
Joe Biden’s America:
-Record illegal immigration
-Foreign policy embarrassments
-Student loan forgiveness for the elites
-An out-of-control DOJ
-Supply chain crisis
-And a President who is clueless.
— Rep. Jim Jordan (@Jim_Jordan) September 21, 2022
Americans Living in Misery, Due to Poor Economic Condition
Meanwhile, many Americans decried the poor economic situation of the country under Biden’s presidency.
One street cleaner in New York, Foia Santiago, noted she has to travel from Manhattan to Brooklyn just to buy cheaper groceries; she cannot afford to even shop in her own neighborhood.
Santiago claimed low-income people are the first-hand recipients of rising inflation, which has marred the country in recent months.
Another New Yorker, Marie Shulman, who sells handmade jewelry, stated even the cost of Uber doubled in recent months, due to surging inflation. Various local businesses are also struggling to bear the consequences of post-pandemic inflation.
One New York barber stated people are now waiting for longer time periods between haircuts, due to the rising inflation, which has almost left him workless.
Concerns about consistent inflation worsened after the latest economic report, according to which CPI rose by 8.3% in the month of August.
Many Americans were waiting for good news in the August economic report since the Biden administration established inflation already touched its peak point; so, it will only reduce with time.This article appeared in The State Today and has been published here with permission.