Americans have lost $4.2K in income under Biden, study says
Their analysis found that the average American has lost about $3,000 in annual purchasing power because consumer prices, which have risen 12.7% since January 2021, have spiked significantly faster than wages.
Wages have risen just 8% over the same period, which has effectively resulted in a pay cut for Americans struggling to pay for daily necessities including food, gas and rent.
Higher interest rates and borrowing costs have also reduced the average person’s purchasing power by another $1,200, according to the report.
“Simply put, working Americans are $4,200 poorer today than when Biden took office,” said EJ Antoni, a research fellow in regional economics with the Heritage Foundation’s Center for Data Analysis.
“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.” [….]
“Now, the Fed is finally fighting inflation, which is pushing up interest rates and increasing financing costs,” he said. “Rates on all kinds of consumer debt are rising. Mortgage interest rates have doubled since Biden took office, greatly increasing Americans’ monthly payments.”
What is it with people that they would welcome their own financial ruin in exchange for their political party being in charge? Does anyone "really" want to have less spendable income? Does anyone really want to pay $5.00/gallon for gas? Does anyone really want two million plus illegal immigrants crossing our border? Do they really want more crime? More homelessness?
For what, exactly? So they can complain about abortion or cheer for the latest and greatest Trump investigation? Is the ability to kill the unborn and persecute a politician really worth all of this failure? Is it worth everyone suffering?
1 comment:
Trumpublicans are doing all they can to threaten democracy itself by trying to steal the next election through empowering fake electors.
They also want to continue denying women their right to make reproductive decisions for themselves.
They want to deny parents their right to help any of their children who are struggling with gender identification.
They applaud mistreating migrants by deceptively transferring them across state lines with misleading promises.
They refuse to help lower prescription drug costs because they are beholding to the pharmaceutical companies.
They refuse to take on needed measures to improve our atmosphere and climate and oceans because they are beholding to the big energy companies. .
They are attempting to turn our schools away from teaching about the harmful effects of racism in our nation's past and in our present.
They want to keep a tax system that requires too little from the big corporations and the wealthy at the expense of Americans workers and the middle class.
These are only some of the reasons young people and especially younger and older women and people of color and minorities are registering in unequaled numbers for the next election.
Post a Comment