Financial Loss Due To Inflation Is $6100 For Average Family
(AmericanProsperity.com) – The White House has repeatedly failed to bring down inflation, and American families continue to struggle under President Biden’s administration. Elevated prices have caused the average US household to lose over $6,000 in purchasing power.
Average American Family Has Lost $6,100 in Real Income Under Biden, Economist Says https://t.co/02CCnImn9I
— super czar (@Kristokoff) November 10, 2022
The US Bureau of Labor Statistics (BLS) reported another 0.4% increase in the Consumer Price Index in October. The bureau noted that prices have risen by 7.7% across the board over the past year. Prices for energy, food, and housing continue to skyrocket, making it increasingly difficult for American families to pay for necessities. Many citizens are maxing out credit cards and siphoning off their savings.
E. J. Antoni, a regional economics research fellow at the Heritage Foundation’s Center for Data Analysis, released a statement responding to the recent data from the BLS. Antoni blamed the stubborn inflation on the Federal Reserve’s production of money to fund the president’s reckless spending.
Antoni noted that under the Biden administration, prices have surged substantially quicker than wages, leading to the average American losing mass amounts of real income. Antoni added that as the Federal Reserve continues to increase interest rates in an attempt to cool inflation, they’ve caused borrowing costs to rise as well. The economist explained that action has cost Americans another $1,300, meaning some have lost a total of $7,400 in real annual income.
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