Americans have lost $4,200 in income under Biden, wiping out Trump gains: Heritage The average household has lost roughly $7,200 of income.

abby97

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Sep 16, 2010
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The average American has lost more than $4,000 in annual income since President Biden took office due to soaring inflation and higher interest rates thus wiping out income gains under the previous administration, according to data compiled by the Heritage Foundation.
Experts at the conservative think tank analyzed consumer prices data and the Federal Reserve’s interest rates and found in a Friday report that Americans have lost the equivalent of $4,200 of income per capita since January 20, 2021.
Consumer prices have risen 12.7% since January 2021, much faster than wages, which Heritage analysts say has cost the average American worker $3,000 in annual purchasing power.
Additionally, the tightening monetary policy by the Federal Reserve and increased borrowing costs on mortgages, vehicle loans and credit cards – caused by higher interest rates – have reduced the average American’s purchasing power by another $1,200 per year, Heritage Foundation says.
JANET YELLEN SAYS ECONOMIC RECOVERY HINGES ON SUPPLY CHAIN, GREEN AGENDA AND END OF UKRAINE WAR
Side by side photos of Presidents Trump and Biden

(L) Former President Donald Trump (R) President Joe Biden (Getty Images / Getty Images)

"Simply put, working Americans are $4,200 poorer today than when Biden took office," EJ Antoni, research fellow in regional economics with The Heritage Foundation’s Center for Data Analysis, said in a press release. "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."
Antoni told Fox News Digital that the average household has lost roughly $7,200, a number calculated by doubling the inflation number of $3,000 and adding $1,200 in losses from interest rates.
The $4,200 loss figure erases the average American worker’s real annual earnings increase of $4,000 that occurred during the Trump presidency, according to Heritage.
TGI FRIDAYS CEO ‘CONCERNED’ ABOUT THE FED’S RATE HIKES TAXING MIDDLE-AMERICA ‘THE MOST’
12 year inflation statistics graphic

Annual CPI inflation over the past 12 years. (U.S. Bureau of Labor Statistics / Fox News)
"Washington recklessly spent trillions of dollars it did not have and paid for it with newly printed money, causing rampant inflation that has destroyed people’s purchasing power and jeopardized Americans’ financial futures," Antoni said.
Antoni explained that many Americans have taken on additional debt to cover their cost of living while rates on all kinds of consumer debts are rising. At the same time, mortgage rates and interest rates have doubled since Biden took office which is greatly increasing the monthly payments Americans are facing.
"We are in a vicious spiral, but it’s one of Joe Biden, the Democrat-controlled Congress, and the Fed’s own making," Antoni said.
BIDEN'S HANDLING OF THE ECONOMY PUT TO THE TEST; AMERICANS WEIGH IN
The White House did not immediately respond to a request for comment from Fox News Digital.
The $4,200 figure from Heritage Foundation represents an increase from July when the think tank reported a $3,400 loss in revenue for the average American worker under Biden.
THE RATE AT WHICH BIDEN HAS DRIVEN THE US ECONOMY INTO THE GROUND IS 'GENUINELY ASTOUNDING:' STEVE HILTON
August 2022 inflation statistics graphic energy

The year-over-year Consumer Price Index for energy rose. (U.S. Bureau of Labor Statistics / Fox News)
The Heritage Foundation report comes days after the Federal Reserve raised its benchmark interest rate by 75 basis points for the third straight month as it struggles to bring down skyrocketing inflation.
The move puts the key benchmark federal funds rate at a range of 3% to 3.25%, the highest since before the 2008 financial crisis. It marks the fifth consecutive rate increase this year.
CLICK HERE TO READ MORE ON FOX BUSINESS
"We have got to get inflation behind us," Federal Reserve Chairman Jerome Powell said during a post-meeting press conference in Washington. "I wish there were a painless way to do that. There isn’t."
Despite the slew of aggressive rate increases, however, inflation has remained stubbornly high. It ran even hotter than expected last month, with the consumer price index, a broad measure of the price for everyday goods that includes gasoline, groceries and rents, increasing 0.1% in August from the previous month, dashing hopes for a slowdown. On an annual basis, inflation is running at 8.3% — a nearly 40-year high.
Fox News' Caitlin McFall contributed to this report
 

Ree4

HR MVP
Oct 13, 2009
1,736
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Lol, all Biden's fault right? Just like gas prices. It's a global issue ffs. How are people so simple minded that they can possibly think every incredibly complex problem or benefit can be attributed to just one person. What's even funnier is that as much as I dislike mainstream democrats, they are the only ones actually trying to govern. Holy shit.

What are the official GOP policies to combat inflation other than blame immigrants, "woketards" and demonize the LGBTQ community? I dont think those would be effective solutions.
 
Mar 11, 2020
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I don’t have a ton of time to look it up right now, where does US inflation rank compared to other countries?
"Not great Bob"


 
Mar 11, 2020
20,902
18,522
113
You don’t think Putins invasion of Ukraine has had an impact on everyone attempting to recover?
I absolutely do, which is why Europe is near where we are in inflation. Then again, they have the possibility of a giant war on thier doorstep, unlike us, who feel the need to be everyone's big brother.
 

franklinman

HR All-American
Apr 5, 2011
3,481
3,875
113
Yep, i've lost over $10,000 , A new roof, garage door, a new walk in shower in the 3rd bed room, and i AIN'T crying. Thanks to Filthy, Joe they helped pay a lot of that.
 

notlongago

HR Heisman
Jul 28, 2012
5,182
2,525
113
Gosh, if the Heritage Foundation says it and Fox reported on it....

Then I'll wait until someone reputable reports it...
You need someone else to report things you can see with your own eyes? Do you need someone to tell you when to go to bed, wake up, and wipe your ass too?
 
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Chishawk1425

HR Legend
Nov 27, 2019
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The average American has lost more than $4,000 in annual income since President Biden took office due to soaring inflation and higher interest rates thus wiping out income gains under the previous administration, according to data compiled by the Heritage Foundation.
Experts at the conservative think tank analyzed consumer prices data and the Federal Reserve’s interest rates and found in a Friday report that Americans have lost the equivalent of $4,200 of income per capita since January 20, 2021.
Consumer prices have risen 12.7% since January 2021, much faster than wages, which Heritage analysts say has cost the average American worker $3,000 in annual purchasing power.
Additionally, the tightening monetary policy by the Federal Reserve and increased borrowing costs on mortgages, vehicle loans and credit cards – caused by higher interest rates – have reduced the average American’s purchasing power by another $1,200 per year, Heritage Foundation says.
JANET YELLEN SAYS ECONOMIC RECOVERY HINGES ON SUPPLY CHAIN, GREEN AGENDA AND END OF UKRAINE WAR
Side by side photos of Presidents Trump and Biden

(L) Former President Donald Trump (R) President Joe Biden (Getty Images / Getty Images)

"Simply put, working Americans are $4,200 poorer today than when Biden took office," EJ Antoni, research fellow in regional economics with The Heritage Foundation’s Center for Data Analysis, said in a press release. "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."
Antoni told Fox News Digital that the average household has lost roughly $7,200, a number calculated by doubling the inflation number of $3,000 and adding $1,200 in losses from interest rates.
The $4,200 loss figure erases the average American worker’s real annual earnings increase of $4,000 that occurred during the Trump presidency, according to Heritage.
TGI FRIDAYS CEO ‘CONCERNED’ ABOUT THE FED’S RATE HIKES TAXING MIDDLE-AMERICA ‘THE MOST’
12 year inflation statistics graphic

Annual CPI inflation over the past 12 years. (U.S. Bureau of Labor Statistics / Fox News)
"Washington recklessly spent trillions of dollars it did not have and paid for it with newly printed money, causing rampant inflation that has destroyed people’s purchasing power and jeopardized Americans’ financial futures," Antoni said.
Antoni explained that many Americans have taken on additional debt to cover their cost of living while rates on all kinds of consumer debts are rising. At the same time, mortgage rates and interest rates have doubled since Biden took office which is greatly increasing the monthly payments Americans are facing.
"We are in a vicious spiral, but it’s one of Joe Biden, the Democrat-controlled Congress, and the Fed’s own making," Antoni said.
BIDEN'S HANDLING OF THE ECONOMY PUT TO THE TEST; AMERICANS WEIGH IN
The White House did not immediately respond to a request for comment from Fox News Digital.
The $4,200 figure from Heritage Foundation represents an increase from July when the think tank reported a $3,400 loss in revenue for the average American worker under Biden.
THE RATE AT WHICH BIDEN HAS DRIVEN THE US ECONOMY INTO THE GROUND IS 'GENUINELY ASTOUNDING:' STEVE HILTON
August 2022 inflation statistics graphic energy

The year-over-year Consumer Price Index for energy rose. (U.S. Bureau of Labor Statistics / Fox News)
The Heritage Foundation report comes days after the Federal Reserve raised its benchmark interest rate by 75 basis points for the third straight month as it struggles to bring down skyrocketing inflation.
The move puts the key benchmark federal funds rate at a range of 3% to 3.25%, the highest since before the 2008 financial crisis. It marks the fifth consecutive rate increase this year.
CLICK HERE TO READ MORE ON FOX BUSINESS
"We have got to get inflation behind us," Federal Reserve Chairman Jerome Powell said during a post-meeting press conference in Washington. "I wish there were a painless way to do that. There isn’t."
Despite the slew of aggressive rate increases, however, inflation has remained stubbornly high. It ran even hotter than expected last month, with the consumer price index, a broad measure of the price for everyday goods that includes gasoline, groceries and rents, increasing 0.1% in August from the previous month, dashing hopes for a slowdown. On an annual basis, inflation is running at 8.3% — a nearly 40-year high.
Fox News' Caitlin McFall contributed to this report
Likely far more would be lost if that pos was still desecrating our white house
 
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notlongago

HR Heisman
Jul 28, 2012
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It's all a figment of everyone's imagination, right Belem?

Those grocery prices and everything else...an optical illusion.

The money lost on 401k accounts...imaginary.

Joe Biden and the Dems are the best.
To be fair, the "money lost" in the 401k is imaginary. You still own the same amount of assets. It's not a bank account, it's a collection of assets. Market value always fluctuates and always nets positive after time. Hence, if you have the means, go shopping during this sale period.
Looking at it as "money" is an outlook/attitude that keeps people from getting wealthy.
 
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IACub

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Sep 25, 2009
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I love how morons like @abby97 can look at a worldwide economic downturn caused by decades of poor fiscal management by multiple large nations and multiple US administrations, exacerbated by a global pandemic plus one of the largest energy importers in Europe shutting their pipelines because of war, and without even blinking blame it squarely on Joe Biden.
 

Chishawk1425

HR Legend
Nov 27, 2019
48,284
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I love how morons like @abby97 can look at a worldwide economic downturn caused by decades of poor fiscal management by multiple large nations and multiple US administrations, exacerbated by a global pandemic plus one of the largest energy importers in Europe shutting their pipelines because of war, and without even blinking blame it squarely on Joe Biden.
2016-2020 colossal fiscal failure, pandemic handling and a war in Europe has come to roost. The GOP is completely and utterly worthless.
 

Rifler

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Jan 26, 2011
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I love how morons like @abby97 can look at a worldwide economic downturn caused by decades of poor fiscal management by multiple large nations and multiple US administrations, exacerbated by a global pandemic plus one of the largest energy importers in Europe shutting their pipelines because of war, and without even blinking blame it squarely on Joe Biden.

It is an amazing talent isn't it....
 
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Mar 11, 2020
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I love how morons like @abby97 can look at a worldwide economic downturn caused by decades of poor fiscal management by multiple large nations and multiple US administrations, exacerbated by a global pandemic plus one of the largest energy importers in Europe shutting their pipelines because of war, and without even blinking blame it squarely on Joe Biden.
Hey.... let em eat ice cream..... nowhatimsayin'
 
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thewop

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Jun 27, 2002
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Government spending sprees will eventually do that. It started under Trump but was somewhat balanced by our energy independence. Biden admin took care of that, and while it was probably coming to some degree anyway, I don't think there's any doubt Biden has made it worse.

He doesn't take ownership of damaging the middle class explicitly, but he does have a nonchalant, couldn't care less attitude about the skyrocketing cost of living for the middle class.
 
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IACub

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Sep 25, 2009
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Iowa City, IA
Government spending sprees will eventually do that. It started under Trump but was somewhat balanced by our energy independence. Biden admin took care of that, and while it was probably coming to some degree anyway, I don't think there's any doubt Biden has made it worse.

He doesn't take ownership of damaging the middle class explicitly, but he does have a nonchalant, couldn't care less attitude about the skyrocketing cost of living for the middle class.
It started under Reagan. Clinton is the only truly fiscally responsible President we've had in the last 4 decades.
 

franklinman

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Apr 5, 2011
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To be fair, the "money lost" in the 401k is imaginary. You still own the same amount of assets. It's not a bank account, it's a collection of assets. Market value always fluctuates and always nets positive after time. Hence, if you have the means, go shopping during this sale period.
Looking at it as "money" is an outlook/attitude that keeps people from getting wealthy.
Ya haven't lost a nickel until ya sell, fact .
 
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BelemNole

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Mar 29, 2002
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You need someone else to report things you can see with your own eyes? Do you need someone to tell you when to go to bed, wake up, and wipe your ass too?
I go to bed when your mom is ready.
As for the story - I read hard news, not propaganda. YMMV.
 
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Rifler

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Jan 26, 2011
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Clinton is the only truly fiscally responsible President we've had in the last 4 decades.

Bill was there when the .com boom hit, total roll of the dice luck,... But other than women, Bill has always been a pretty lucky guy...
 
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notlongago

HR Heisman
Jul 28, 2012
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I go to bed when your mom is ready.
As for the story - I read hard news, not propaganda. YMMV.
To clarify: you do or don't see and understand people are paying exceptionally more for goods currently regardless of who is or is not reporting it?
 

NorthernHawkeye

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Dec 23, 2007
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To be fair, the "money lost" in the 401k is imaginary. You still own the same amount of assets. It's not a bank account, it's a collection of assets. Market value always fluctuates and always nets positive after time. Hence, if you have the means, go shopping during this sale period.
Looking at it as "money" is an outlook/attitude that keeps people from getting wealthy.

62% of Americans have reduced their contributions into retirement accounts.
 
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