The Biden administration and Democrats can spin it all they want, but the bottom line is that under President Joe Biden, Americans are absolutely, unequivocally suffering on a number of fronts.
According to the New York Post, analysts at the Heritage Foundation determined how much money the average American household is losing annually with Biden in charge, and the figures are upsetting, to say the least.
The analysis showed that Americans have lost a staggering $4,200 in annual income since Biden took over the White House last year.
The numbers are so large that they’ve officially wiped out any gains made to the number when Trump was in office.
How did it happen?
Rising interest rates as a result of Biden’s shameful inflation crisis have contributed to Americans having overall less money.
The Post noted:
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.
EJ Antoni, a research fellow in regional economics with the Heritage Foundation’s Center for Data Analysis, summarized the situation.
“Simply put, working Americans are $4,200 poorer today than when Biden took office,” Antoni said. “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.”
He added: “Rates on all kinds of consumer debt are rising. Mortgage interest rates have doubled since Biden took office, greatly increasing Americans’ monthly payments.”
Different under Trump
In stunning contrast, Americans actually gained purchasing power while Trump was in office — to the tune of $4,000.
The Post added several quotes from New Yorkers on the street feeling the pain of having less money overall, with many struggling with major decisions like keeping the power on or buying groceries.
The last CPI saw inflation rise, and just last week, the Fed raised interest rates by another 75 basis points, with at least two additional raises at the same level expected by the end of the year. Times are about to get really tough for millions of people.