Since Joe Biden took office, inflation has become a huge problem for Americans. But, just how much has it cost us?
E.J. Antoni, an economist, estimates that the typical American household has lost more than $7,000 owing to inflation and rising interest rates.
“Although the slowdown in inflation is certainly welcome, it’s not a sign of things to come. The latest data illustrate why families cannot afford to live in Biden’s America,” explains Antoni, a research fellow for regional economics in the Center for Data Analysis at The Heritage Foundation. “Under Biden, prices have risen so much faster than wages that the average family has lost $5,800 in real annual income. That loss is thanks to the ‘hidden’ tax of inflation, caused by the Biden administration and congressional Democrats’ policies.”
On top of that, higher interest rates are now adding an additional $1,300 burden on the average American family annually, putting the total effective loss in income due to Bidenflation at $7,100. Read more…