Americans lost $4.2 million in income as catastrophic inflation wipes out Trump’s gains under Biden – study—study-1101160066.html


MIA “Russia Segodnya”




sputnik international


MIA “Russia Segodnya”

sputnik international


MIA “Russia Segodnya”

usa, inflation, cost of living, joe biden, heritage foundation

usa, inflation, cost of living, joe biden, heritage foundation



Millions of Americans are feeling the pinch more and more as inflation, which affects everything from gas prices to food to rent, remains at its highest level for more than 40 years.

Since then, Americans have lost an average of $4,200 in annual income President Joe Biden It erased the $4,000 increase in annual revenue achieved under the Trump administration, according to an analysis by the Heritage Foundation. clarified.

Consumer prices have risen 12.7% since January 2021, outpacing wages, which rose just 8% over the same period, and the average American lost about $3,000 in annual purchasing power, the think tank says. .

higher interest rates US Federal Reserve SystemIt is the central bank of the United States, according to a report released on September 22.

This has left millions of Americans struggling to pay for basic necessities like food, gas and rent.

“vicious circle”

“Simply put, working Americans are now $4,200 poorer than they were when Biden took office. This financial catastrophe for American families is crazy about spending our money. A direct result of the President and Congress, combined with the Federal Reserve enabling this addiction by printing more dollars.Data Analysis Center.

Americans are now stuck in a “vicious circle,” with many taking on additional debt to cope with rising costs of living, says a research fellow in regional economics.

Commenting on the Federal Reserve’s third consecutive rate hike on Sept. 21, EJ Antoni added:

“Now the Federal Reserve is finally battling inflation, which is pushing up interest rates and increasing funding costs. Interest rates on consumer debt of all kinds are rising. Mortgage rates have since doubled, significantly increasing Americans’ monthly payments.”

The US central bank on Wednesday announced a sharp hike in interest rates in an attempt to combat high inflation. The 75 basis points increase lifted the benchmark Federal Funds Rate target between 3% and 3.25%, the highest in nearly 15 years.

Also, August’s annualized inflation rate of 8.3%, more than four times the Fed’s target rate of 2%, suggests that more aggressive rate hikes are on the horizon.

“Inflation has to be put on the back burner. I wish there was a painless way. But it’s not as painful as not being able to restore price stability and having to come back and do it all over again,” Powell said at a news conference on Wednesday.

The Heritage Foundation think tank highlighted that the average American’s annual income increased by $4,000 under Donald Trump’s administration.

Democratic president neglected Grim data suggests that improving gas prices are a sign that inflation is starting to ease.

“Today’s data point to further declines in global inflation in the U.S. economy. Overall, prices in our country have been essentially flat over the past two months. This is welcome news for our family and we still have a lot of work to do,” Biden said in a Sept. 13 statement.

Speaking to a CBS News host last week about the Fed’s efforts to keep inflation under control, he said:

“I hope we can get what they have [call] A soft landing — a transition to a place where I didn’t lose the gains I made initially for middle-class people. ”

U.S. President Joe Biden delivers his primetime address at Independence National Historical Park in Philadelphia, Pennsylvania, September 1, 2022 - Sputnik International, September 14, 1920

Biden faces criticism from Republicans for downplaying inflation data that roiled markets

Ahead of November’s midterm elections, former President Donald Trump targeted a spike in inflation under the Biden administration at a Save America rally.

“Under Trump, we had the largest economy in world history and no inflation. Biden and the Democratic Congress created the worst inflation in 50 years and it will get worse because Because right after the election they stopped pumping oil out of the beautiful strategic stockpile we had, and now they’re pumping it out so we can bring the price down a bit.

The 45th President of the United States made a speech in Youngstown, Ohio, and was found to endorse Republican Senator JD Vance in November’s midterm elections.

Tackling inflation before the November 8, 2022 midterm elections is one of Biden’s top priorities.

All 435 seats are on the ballot in the House of Representatives, and 35 are contested in the Senate. Democrats now hold a narrow majority in both houses of Congress.

many polls predict Republican He could reportedly dominate the House of Representatives because the Senate is too close to call him.
FORT DRUM, NY - DECEMBER 8: U.S. Army Soldiers of the 10th Mountain Division arrive from a nine-month deployment in Afghanistan on December 8, 2020 at Fort Drum, New York. - Sputnik International, 1920, 20 September 2022

US lawmakers outraged after military suggested soldiers could use food stamps amid inflation—study-1101160066.html Americans lost $4.2 million in income as catastrophic inflation wipes out Trump’s gains under Biden – study

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