WASHINGTON, D.C. – New data provided by the Heritage Foundation, a conservative think tank based in Washington, D.C. that is geared primarily toward public policy, the financial policies of the Biden Administration have effectively wiped out an average of over $4,000 in income gains for Americans that were generated by the previous administration of President Donald Trump.
The contributing factors, according to an analysis by the Heritage Foundation, are the current 40-year high inflation and multiple hikes to interest rates by the Federal Reserve, both of which have caused consumer prices to increase to the point that U.S. citizens have lost the equivalent of $4,200 of income per capita since January 20, 2021.
Currently, wage increases are not keeping pace with the corresponding increases in consumer prices, which have gone up 12.7 percent since January 2021; this has taken away approximately $3,000 in purchasing power from American workers, Heritage analysts say.
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In addition, the regular interest rate increases by the Federal Reserve – being made in an attempt to curb inflation, although experts are debating on their effectiveness – have increased borrowing costs when it comes to items such as vehicle loans, credit cards, and home mortgages, according to the Heritage Foundation, further wiping out an additional $1,200 in purchasing power from workers.
EJ Antoni of The Heritage Foundation’s Center for Data Analysis noted that the current economic climate in Biden’s America is basically a “financial catastrophe for American families” that has erased the average increase of $4,000 in annual worker earnings generated under the Trump Admin.
“Simply put, working Americans are $4,200 poorer today than when Biden took office,” he said. “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.”