Inflation has made Americans $4,200 poorer, according to one economist. | Alexander Grey/Unsplash
Inflation has made Americans $4,200 poorer, according to one economist. | Alexander Grey/Unsplash
Americans are being forced to choose what is essential when it comes to their budget as inflation continues to rise.
That notion has not been lost on Sen. Mitch McConnell (R-KY) who issued a news release where he said that inflation has gone up 13.2% since President Biden took office.
“For the average American household, this translates to hundreds and hundreds of extra dollars every month,” he said. “In my home state of Kentucky, for example, the Democrats’ inflation has forced proud, hardworking families to ask for help putting food on the table. In some cases, for the first time in their lives. This is what happens when Washington Democrats put their own priorities ahead of the people’s.”
The U.S. Bureau of Labor Statistics' latest Consumer Price Index (CPI) summary found that the rate of inflation over the last 12 months stands at 8.3% with energy, housing, food and gas seeing the biggest increases.
The Midwest Region, which includes Michigan, shows inflation has risen 8.1% from August of 2021.
“Today offers proof that the soul of America is vibrant, the future of America is bright and the promise of America is real,” Biden said, during the celebration of the passage the "Inflation Reduction Act" on Sep. 13, according to Politico. The celebration happened the same day the Labor Department released the numbers on inflation for August.
A Gallup poll found that 56% of Americans say “price increases are causing financial hardship”, rising from 49% in January and 45% in November of last year.
CNN Business found a similar pattern when it reported that 71% of workers say their wages are not keeping up with inflation and that the cost of living is “outpacing their salary”
“Stubbornly high inflation is eroding paychecks and darkening the mood of consumers. Although gasoline prices have eased in recent months, prices for food, rent and utilities remain high,” said the CNN Business article.
EJ Antoni, a research fellow in regional economics with The Heritage Foundation’s Center for Data Analysis, found that Americans have lost $4,200 in annual income since Biden took office. Heritage claims this is mainly because of inflation and high interest rates.
Antoni said, "Simply put, working Americans are $4,200 poorer today than when Biden took office. 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.”
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