According to an expert at the Heritage Foundation, recent American employees have lost $3,400 in annual wages as a result of President Joe Biden’s 40-year-high inflation.
A family of two working parents, according to E.J. Antoni, a research fellow at the Heritage Foundation, has lost $6,800 in annual earnings.
“I can’t emphasize enough how much it’s hurting consumers,” Antoni said about his calculation.
“It’s [inflation] really stomping on the middle class, and then the White House spokesperson uses these ridiculous lines like ‘the economy is in transition,’” he said. “In the same sense that an iceberg changed the Titanic into a submarine, I suppose.”
The White House has argued that inflation will assist consumers in moving to a more expensive renewable energy as the price of fossil fuels accounts for a significant amount of Biden’s inflation.
The Department of Labor reported on Wednesday that inflation had reached 9.1 percent per year in June, the highest rate since 1981. Inflation was 1.4 percent when Biden took office, according to Breitbart News.
The Labor Department says, “The Consumer Price Index increased 1.3 percent compared with a month ago.”
“CPI is expected to increase at a yearly rate of 8.8 percent, up from 8.6 percent in May. Economists had predicted a 1.1 percent month-over-month increase.”
“Inflation has American families by the scruff of the neck, raising costs for everyday necessities such as food, gasoline, housing, transportation, and utilities. Gasoline prices began to take a toll on household and company spending on other goods in June when they rose to all-time highs several times throughout the month.”
According to a June analysis by Moody’s, Biden’s four-decade-high inflation will cost American households an extra $5,520 in 2022, or $460 per month. That estimate was lower back in March.
Gas prices are a major issue for voters, with 74 percent of respondents claiming they’ll consider them “extremely/very important” when deciding how to cast their ballots in the midterm elections. Only 27% of people approve of how Biden is managing gas costs.