I know we’re all suffering with our bank accounts and wallets being a little more empty as a result of Joe Biden, and it doesn’t appear to be getting any better, only worse.
As you are aware, since Joe Biden took office, the cost of almost everything has increased. We are paying the price for his mishandling of everything—gas, groceries, rent, loan rates, you name it—and I mean that quite literally.
He doesn’t give a damn because he is rich and will be compensated with our tax dollars for the rest of his life, and lots of them.
The current pace of inflation is so extreme that for the majority of us, the raises you may have earned over the past year or even two years are probably insufficient to compensate for it.
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!