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.”
Related: The U.S. Misery Index: Bidenflation Cools Even as It Continues to Burn Everyday Americans
Read Related Also: Whoopi Goldberg Restates Controversial Holocaust Stance That Got Her Suspended From ‘The View’
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.
The consumer price index increased 0.1% in November, which indicates a slowdown of inflation, but not a reversal of the overall trend of increasing prices. Inflation in November was up 7.1% over a year prior.
Many economists are also predicting a recession in 2023, though, technically, the economy entered a recession over the summer, after the gross domestic product experienced two consecutive quarters of negative growth.
