Average American worker has lost $3,400 in annual wages under Biden thanks to inflationThe average U.S. worker has lost $3,400 in annual income as a result of skyrocketing inflation since President Biden took office nearly 18 months ago.
Overall, the Consumer Price Index, a key inflation measurement, surged 9.1% year-over-year in June, a more-than-expected increase that marked its highest level since November 1981, according to a Bureau of Labor Statistics report Wednesday. The decline amounts to a roughly $3,400 yearly income decrease for the average worker and a $6,800 reduction for families in which both parents work, E.J. Antoni, a research fellow at The Heritage Foundation, told FOX Business.
"There are plenty of families that that's more than their food budget a year," Antoni told Fox Business in an interview. "I can't emphasize enough how much this is really crushing consumers."
"It's truly crushing the middle class and then the White House spokesperson says these garbage lines like ‘the economy is in transition,’" he continued. "Transition in the same sense, I suppose, that an iceberg transitioned the Titanic into a submarine."
Brigg Macadam founding partner Greg Swenson provides professional opinion on how the U.S. markets may respond to June’s consumer price index report on ‘Mornings with Maria.’ video
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Brigg Macadam founding partner Greg Swenson provides professional opinion on how the U.S. markets may respond to June’s consumer price index report on ‘Mornings with Maria.’
The report showed that energy prices, including gasoline and electricity, have skyrocketed 41.6% year-over-year while food prices have risen 10.4% over the last 12 months. The energy index increase was its largest jump since 1980.
Antoni also noted that core inflation, which measures the change in consumer price across all sectors except the volatile energy and food sectors, rose a whopping 5.9%.
"What we are seeing now is those [food and energy] costs are finally being passed on to other businesses and then, ultimately, to consumers," he told Fox Business. "That's why they're being borne out in the core prices."
Republican lawmakers, meanwhile, slammed Biden following the report Wednesday for the president's agenda, which they blamed for the high consumer prices.................
https://www.foxbusiness.com/politics/average-american-worker-lost-3400-annual-wages-under-biden-inflation
