All Joe Biden and his team had to do for the economy was nothing. Allow the people to go back to work after the pandemic, and return to the roaring economy that President Donald Trump had established. But Biden couldn’t do that. He destroyed the border protections that Trump had imposed. He attacked the energy industry from the first day he came in. He spent like a drunken sailor, contributing to inflation with things like the American Rescue Plan.
Now, the economy is in shambles, with 40-year record inflation and the stock market tanking, which closed on Friday at its lowest level in two years. So many people just had their 401Ks and other savings wiped out.
We know that this is costing all of us, because of how much more we spend each time we go to the grocery store and buy food or any other necessities. Now on top of that, we have higher interest rates as well, with them trying to slow inflation — thanks to Biden for that, too.
According to a new survey from the Heritage Foundation, the average American has lost $4,200 in annual income since Biden took office, wiping out the gains that Trump had brought to people, because of inflation and the higher interest rates.
Their analysis found that the average American has lost about $3,000 in annual purchasing power because consumer prices, which have risen 12.7% since January 2021, have spiked significantly faster than wages.
Wages have risen just 8% over the same period, which has effectively resulted in a pay cut for Americans struggling to pay for daily necessities including food, gas and rent.
Higher interest rates and borrowing costs have also reduced the average person’s purchasing power by another $1,200, according to the report.
“Simply put, working Americans are $4,200 poorer today than when Biden took office,” said EJ Antoni, a research fellow in regional economics with the Heritage Foundation’s Center for Data Analysis.
“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.” [….]
“Now, the Fed is finally fighting inflation, which is pushing up interest rates and increasing financing costs,” he said. “Rates on all kinds of consumer debt are rising. Mortgage interest rates have doubled since Biden took office, greatly increasing Americans’ monthly payments.”
Our friends over at Twitchy observed that if you judged the midterms by how disturbed people were over their 401Ks and their life savings being wiped out, Democrats are in deep trouble.
By contrast, according to Heritage, under Trump, Americans increased their annual earnings by $4,000.
How could anyone possibly vote for Democrats in the midterms, knowing how they have hurt Americans so?
But even with all that, the Biden team is still trying to sell us that they made “life-changing” economic gains.
Not only do they pickpocket from us, but they also want us to be grateful to them as they rob us.