Americans lost $4.2 million in income as catastrophic inflation wipes out Trump’s gains under Biden – study
https://sputniknews.com/20220924/americans-have-lost-42k-in-income-as-crippling-inflation-under-biden-wipes-out-trump-gains—study-1101160066.html
Americans lost $4.2 million in income as catastrophic inflation wipes out Trump’s gains under Biden – study
Americans lost $4.2 million in income as catastrophic inflation wipes out Trump’s gains under Biden – study
With millions of Americans feeling increasingly pinched, inflation is at its highest level in over 40 years, affecting everything from gas… 24.09.2022, Sputnik International
2022-09-24T05:43+0000
2022-09-24T05:43+0000
2022-09-24T05:58+0000
Americas
we
inflation
Cost of living
Joe Biden
heritage foundation
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An analysis by the Heritage Foundation found that the average American’s annual income has fallen by $4,200 since President Joe Biden took office, wiping out the $4,000 increase in income achieved under Trump. It became clear. While wages rose by only 8% over the same period, the average American lost about $3,000 in annual purchasing power, the think tank said. The costs also shaved an additional $1,200 off the average U.S. resident’s purchasing power, according to the report released Sept. 22. This has left millions of Americans struggling to pay for daily necessities like food, gas and rent. ‘Vicious Circle’ Americans are now in a ‘vicious circle’, with many taking on additional debt to cope with the rising cost of living, says a researcher at the Regional Economy. Commenting on the Federal Reserve’s third straight rate hike on September 21st, EJ Antoni added: The 75-basis-point rise lifted the benchmark federal funds rate target between his 3% and his 3.25%, the highest in nearly 15 years. The Heritage Foundation think tank highlighted that the average American’s annual income increased by $4,000 under the Donald Trump administration.Democratic POTUS downplayed the hard data, and improved gas prices began to ease inflation. Signs. Of the Fed’s efforts to keep inflation in check, he told a CBS News host last week: [call] Ahead of November’s midterm elections, former President Donald Trump has targeted a spike in inflation. The Biden administration during the Save America rally. He also warned that the situation would “get worse”. The 45th POTUS made a speech in Youngstown, Ohio, and was found to endorse Republican Senate candidate JD Vance, who is running in the November midterm elections. , the 2022 midterm elections are one of Biden’s top priorities. All 435 seats in the House of Representatives are on the ballot, and 35 seats in the Senate are also contested. Democrats now hold a narrow majority in both houses of Congress. Many polls predict that Republicans may dominate the House, and the Senate is reported to be too close.
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https://sputniknews.com/20220920/us-lawmakers-outraged-after-army-suggests-soldiers-can-use-food-stamps-amid-inflation-1100987711.html
Americas
2022
news
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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.
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. .
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.
“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. ”
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.
https://sputniknews.com/20220924/americans-have-lost-42k-in-income-as-crippling-inflation-under-biden-wipes-out-trump-gains—study-1101160066.html Americans lost $4.2 million in income as catastrophic inflation wipes out Trump’s gains under Biden – study
