Study Says Americans have lost $4.2K in income under Biden:
The average American has lost $4,200 in annual income since President Biden took office — entirely wiping out gains made under the Trump administration, an analysis from the Heritage Foundation shows.
The losses come down to surging inflation and higher interest rates, experts at the conservative think tank said in a Thursday report.
Their analysis found that the average American has lost about $3,000 in annual purchasing power because consumer prices, which have risen 12.7% since January 2021, have spiked significantly faster than wages.
Wages have risen just 8% over the same period, which has effectively resulted in a pay cut for Americans struggling to pay for daily necessities including food, gas and rent.
Higher interest rates and borrowing costs have also reduced the average person’s purchasing power by another $1,200, according to the report.
“Simply put, working Americans are $4,200 poorer today than when Biden took office,” said EJ Antoni, a research fellow in regional economics with the Heritage Foundation’s Center for Data Analysis.
“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.”
Under the Trump administration, Heritage said the average American’s annual earnings had increased by $4,000. --->READ MORE HERE
Jamie Dimon: Americans are being ‘crushed’ by inflation
In what has become an annual ritual, the CEOs of the major US banks appeared in front of Congress on Wednesday to sell themselves as shepherds of a helpful industry at a time of financial and economic distress for many Americans.
Democrats called JPMorgan Chase, Bank of America, Wells Fargo and Citigroup to Washington to talk about pocketbook issues as households contend with the highest inflation since the early 1980s and the midterm election looms just weeks away.
“While COVID is behind us, the economic challenges we are now facing are no less daunting,” said Citigroup CEO Jane Fraser, in remarks prepared for the hearing. The hearing broke for recess just before the Federal Reserve announced a 3/4-point hike to its benchmark interest rate as the central bank tries to contain inflation.
While billed as a hearing on everyday finances, the CEOs have been peppered with political questions with Washington in the midst of an election year.
One hot button issue has been the issue of gun store sales. Earlier this month the major payment networks — Visa, Mastercard and American Express — said they would start categorizing gun store sales as a separate merchant code. It’s a decision gun control advocates have pushed for, potentially to help catch surges of gun sales ahead of a mass shooting. --->READ MORE HERE
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