(DCWatchdog.com) – The average family in the United States has lost some $6,000 in annual income due to the sky-high inflation that has emerged on President Joe Biden’s watch, an analysis estimates.
The losses caused by what has become known as “Bidenflation” have had a highly noticeable impact on American families’ quality of life, according to the report issued by the Heritage Foundation, as cited by Fox News.
E.J. Antoni, a Heritage Foundation research fellow, informed that the inflation during Biden’s term so far has caused the income of the average US worker to decline by $3,000.
That translates to $6,000 per family, with many “struggling to pay” even for “everyday items,” including energy bills and grocery purchases.
“People are just absolutely being crushed. It’s not the price of caviar and yachts that are driving these numbers. It’s necessities, it’s staples. It’s things like eggs, milk, flour, soup. These are things that are up 20 or 30 percent year-over-year,” Antoni said.
“All of those additional costs are now creeping into the rest of the economy, essentially. I really don’t see much good news anywhere I look, unfortunately,” he added.
The inflation cost analysis released by the Heritage Foundation, a Washington, DC-based conservative think-tank, comes after the latest US Labor Department data showed the Consumer Price Index spiked higher than expected last month.
In September, the index, a vital inflation measurement, grew by 8.2% year-on-year and by 0.4% monthly.
At the same time, core prices, a measurement excluding energy and food prices, went up by 6.6% year-on-year, registering its highest increase in precisely 40 years.
“Whenever you have a period where core gets very hot, that headline number over time is going to increase to make up for that and vice versa. And that’s exactly what we’re seeing now. The headline number has been running very hot, chiefly because of energy prices, and now you’re going to have core catch-up,” Antoni explained.
He blasted the Biden administration for causing inflation to surge even as the president alleged last week that his economic program was generating progress towards curbing it.
“People are way worse off now than they were in January of 2021. It really is as if this administration thinks they can rule by executive fiat as if by royal decree, they say something, and it becomes so. It is just absolutely astounding,” the Heritage Foundation researcher declared.
“Inflation was 1.4% when Biden took office — it was essentially non-existent. And somehow, in just 18 months, he ran it up to over 9%. Again, it really is like these people live in a fantasy world. It’s mind-boggling,” Antoni elaborated.
A recent survey by Lending Club, a San Francisco-based financial company, found that 61% of Americans – or 157 million people – are living paycheck-to-paycheck, compared with 55% in June 2021.
Average American family has now lost $6,000 in annual wages under Biden due to inflation https://t.co/yVD2o2pdmg
— Fox News (@FoxNews) October 14, 2022
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