Americans are struggling to pay the bills and losing their money 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,”In a Thursday press release, the Heritage Foundation stated.
It was continued by the foundation:
These shocking numbers were calculated by heritage experts using different sources of data. The average American worker lost $3,000 annually in purchasing power since January 2021 as a result of rising consumer prices by 12.7%. This is significantly more than the rise in wages. Inflation is being reduced further by the Federal Reserve’s stricter monetary policy. Interest rates have been rising. The higher interest rates have resulted in increased borrowing costs, including on credit cards, mortgages and vehicle loans. The higher interest rates and borrowing costs have effectively reduced the average American’s purchasing power another $1,200 on an annualized basis.
Breitbart News reports Wednesday that more Americans have credit card debt, as the inflation continues to hurt families.
“In a recent survey from CreditCards.com commissioned by YouGov, 60 percent of Americans have been carrying monthly credit card debt for at least 12 months – a ten percent increase from 2021,”According to the outlet.
Rand Paul, a Republican from Kentucky, responded to a report that showed households would need to spend more than $11,000 this year in order to keep the same level of living.
What we know for sure is that now we’ve lost more to inflation than they gave us in the form of free money. It was the result of free checks being passed. They closed down the economy. Everyone was sent free checks. Then they replied, “Oh, it will make up for it.” What is the surprise? When people add up how much they’re paying for gas and the grocery store, it’s canceled out all the free money. And I don’t think the inflation’s over by a long shot.
EJ Antoni, research fellow in regional economics with the Heritage Foundation’s Center for Data Analysis, spoke about the financial burden placed on Americans.
“This financial catastrophe for American families is the direct result of a president and Congress addicted to spending our money, combined with a Federal Reserve compliantly enabling this addiction by printing more dollars,”He stated.
A Morning Consult poll found that Americans are more comfortable with the Republican Party than the Democrats in the area of the economy, as they approach the midterm elections.
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