According to an analysis done by FOX Business, the average American family has lost approximately $6,000 annually in wages due to inflation under President Biden.
E.J., a Heritage Foundation researcher fellow, performed the analysis. Antoni found that American workers have seen their annual wages drop by $3,000. This means that families have suffered a $6,000 loss in annual wages due to high inflation. Antoni stated that the loss has had a major impact on families’ earnings as well as their quality of life. Americans are struggling to pay for basic items like groceries and energy bills.
He said that people are being “absolutely crushed” during an interview with FOX Business. These numbers are not driven by the cost of yachts and caviar. It’s necessities, it’s staples. It includes things such as eggs, milk and flour. These items are up 20% to 30% year-over-year.
According to a U.S. Department of Labor report, September’s Consumer Price Index, which is a common method of measuring inflation, increased by 0.4% month-overmonth and 8.2% over the year. This figure was higher than predicted by economists before the report.
The largest increase in 40 years was at core prices which exclude volatile food and energy prices.
According to Lending Club survey data, 61% of Americans are living paycheck-to-paycheck because of high inflation. This is approximately 157 million Americans. This number is higher than the 55% recorded in June 2020.
According to Lending Club wages have increased by 5.1% in the past year but have not kept pace with rising consumer prices.
Antoni criticised the Biden administration for causing inflation to rise higher. Biden stated Thursday in a statement that the U.S. had made significant progress in curbing inflation due to his economic plan.