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Americans are bleeding money and struggling to make ends meet, thanks to President Joe Biden (D).
“New economic numbers show that the average American has lost the equivalent of $4,200 in annual income under the Biden administration because of inflation and higher interest rates,” the Heritage Foundation said in a press release Thursday.
The foundation continued:
Heritage experts calculated this shocking number based on different sets of data. Consumer prices have risen 12.7% since January 2021, significantly faster than wages, so that the average American worker has lost $3,000 in annual purchasing power. Further, as the Federal Reserve implements tighter monetary policy to reduce inflation, interest rates are rising. Higher rates have in turn increased borrowing costs on mortgages, vehicle loans, credit cards, and more.
