By Sterling Mosley. Media: DC Enquirer.
Note: This article may contain commentary reflecting the author’s opinion.
A new report from the conservative think-tank The Heritage Foundation has found that under President Biden, the average American has become $7,400 poorer under his presidency.
Prices under President Biden have risen 13.7 percent since his inauguration in January 2021 with staples hit the hardest. Eggs are up 189.9% in price, ground beef has increased by 21.1%, gasoline increased by 44.3%, electricity by 21.3%, transportation services by 19.5%, and housing by 11.8%.
The Heritage report comes as the December inflation numbers reached 6.5 percent. That’s a decrease of 0.1 percent from last month but is still high above the target inflation rate of two percent.
“Biden’s presidency has been marked by excessive spending, borrowing, and printing of money by the federal government,” said regional economics research fellow EJ Antoni. “The result has been an appalling rise in inflation to levels not seen in 40 years.”
“If you are wondering where the government got the trillions of dollars in extra spending over the last two years, they are taking it out of your hide right now through the hidden tax of inflation,” he explained, adding, “Every time you put gas in your tank or groceries in your back seat, you are paying Biden’s inflation tax.”
“Prices have risen so much faster than wages that the average family has lost $6,000 in purchasing power,” Antoni added. “As the Federal Reserve belatedly raises interest rates to fight the very inflation it helped cause, interest rates are rising fast, increasing borrowing costs by $1,400. Combined with falling real wages, the average family has effectively lost $7,400 in annual income since Biden took office.”
“It is imperative that conservatives in Congress stop the profligate spending which is the ultimate cause of both the inflation and interest rate hikes plaguing Americans’ finances,” the economist said in conclusion.
The Biden administration and Federal Reserve Chair Jerome Powell have attempted to get inflation under control for months. Despite President Biden claiming that the inflation was only “transitory” in 2021, it is here to stay.
The Democrats overspending throughout 2021 and 2022 has likely contributed to making Americans poorer and is an example of how the left-wing wish list is a path to financial consequences.