WASHINGTON– Single American workers have lost $3,400 in annual wages during the first 18 month’s of Joe Biden’s presidency due to economic policies which have resulted in 40-year-high inflation, according to an expert at the Heritage Foundation.
In an interview with Fox News E.J. Antoni, a research fellow at the Heritage Foundation, said a family with two working parents has lost $6,800 in annual wages.
“I can’t emphasize enough how much this is really crushing consumers,” Antoni said about his estimate.
“It’s [inflation] truly crushing the middle class and then the White House spokesperson says these garbage lines like ‘the economy is in transition,’” he said. “Transition in the same sense, I suppose, that an iceberg transitioned the Titanic into a submarine.”
Despite bipartisan criticism of Biden’s economic policies the White House continues to spin the economic downturn claiming inflation will help consumers adapt to the more expensive renewable energy plans that the administration intends to implement.
On Wednesday, inflation rose to an annual rate of 9.1 percent which, according to the Department of Labor, is the highest rate since 1981.
According to a Moody’s analysis, Biden’s 40-year-high inflation will cost American households on average an extra $5,520 in 2022, or $460 per month.
As Americans continue to struggle at the pump, 74 percent of likely voters said skyrocketing gas prices are an “extremely/very important” factor in how they will vote in the midterm elections.
Current poll numbers show Biden’s approval rating remains in the low 30’s.