A Heritage Foundation study revealed over the weekend that American families have lost $6,000 in annual wages thanks to President Joe Biden’s soaring inflation.
The loss in wages is $1,800 more than when the study was released in September when Americans had lost $4,200 under Biden.
“People are just absolutely being crushed,” Heritage fellow E.J. Antoni told Fox Business. “It’s not the price of caviar and yachts that are driving these numbers. It’s necessities, it’s staples. It’s things like eggs, milk, flour, soup. These are things that are up 20 or 30 percent year-over-year.”
“All of those additional costs are now creeping into the rest of the economy, essentially,” Antoni added. “I really don’t see much good news any anywhere I look, unfortunately.”
These massive numbers come despite the Biden administration's passing of the "Inflation Reduction Act."
“Inflation was 1.4% when Biden took office — it was essentially non-existent,” Antoni continued. “And somehow, in just 18 months, he ran it up to over 9%. Again, it really is like these people live in a fantasy world. It’s mind-boggling.”
No matter how Biden tries to spin the numbers, Americans understand the reality of the economic crisis they are living through every day.
— Heritage Action (@Heritage_Action) October 12, 2022
Despite this, Biden claims inflation will get worse if Republicans are voted into office.
“If Republicans win, inflation’s going to get worse. It’s that simple,” Biden said during an appearance in Los Angeles.
Is anyone taking this guy seriously at this point?
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