How Much Biden’s Presidency Is Costing You
The average American family has lost around $6,000 in annual wages due to the effect of the high inflation rates. An analysis of the effects of inflation was conducted by economist and Heritage Foundation research fellow E.J. Antoni.
It should be that the average American worker had witnessed a loss of around $3,000 of their annual wage. This means that the average household has lost around $6,000 in annual wages. Antoni has said that Americans have been impacted heavily by this loss as many are having a hard time affording their energy bills and basic groceries.
He also noted that it is the price of necessities that has gone exponentially up in the past year, not luxuries. The price of eggs, milk, flour, and soup has increased by around 20 to 30 percent.
In September, the Consumer Price Index showed a 0.4% monthly increase and an 8.2% yearly one. This was a much higher figure than the one that economists had expected.
Core prices also saw their largest increase in 40 years as they went up by 6.6%.
Antoni added that when core prices increase, other prices will also increase to catch up.
About 157 million Americans are currently living paycheck to paycheck as they try to handle the effects of high inflation. That is a 6% increase since June 2021 when 55% of Americans lived paycheck to paycheck.
Over the last year, wages have increased by 5.1% but because of the large increase in consumer prices, the effects of this increase have not been felt by American prices.
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