Home » Politics » American families have lost $7,400 due to inflation, rate hikes under Biden: Heritage
American families have lost $7,400 due to inflation, rate hikes under Biden: Heritage
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The average American family has lost the equivalent of more than a month's salary in annual income since President Biden took office as high inflation and rising interest rates eat away at their finances, according to research by the Heritage Foundation.
Experts at the conservative think tank analyzed consumer prices and interest rates and found in their latest report released Thursday that the average American household has lost the equivalent of $7,400 in annual income since Biden's inauguration Jan. 20, 2021. The income loss represents an increase of $200 from September, when the think tank's research found a $7,200 decline in annual income for the average American household dating back to the start of Biden's term.
"Higher borrowing costs and declining real wages mean the average family is effectively $7,400 poorer today than when Biden took office," EJ Antoni, research fellow in regional economics with the Heritage Foundation's Center for Data Analysis, told FOX Business. "That is more than a month’s salary for many families and the equivalent of more than a 10% pay cut for the median household income."
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