The average American household is estimated to be poorer since Joe Biden took office. According to the Heritage Foundation, “the average American family has lost $7,200 in household income under President Biden; individual Americans are $4,200 poorer, as well.”
The average household loss of $7,200 was calculated by doubling the inflation number of $3,000 and adding $1,200 in interest rate losses. Consumer prices have risen 12.7% since January 2021, faster than wages. Heritage analysts say inflation rates have cost the average worker $3,000 in yearly purchasing power
In a press release, the Heritage Foundation said,
“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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