US Families Have Lost $7,400 in Income Due to Biden Inflation

Article publisher: 
Epoch Times
Article date: 
11 November 2022
Article category: 
National News
Article Body: 

Despite the annual inflation rate easing to below 8 percent in October, working families have still lost thousands of dollars in income under the current administration, says The Heritage Foundation in a new report....

In total, the average family has lost $6,100 in real annual income, says EJ Antoni, a research fellow in regional economics with The Heritage Foundation’s Center for Data Analysis. In addition, higher interest rates have cost the typical family approximately $1,300 per year.

“This has effectively cost families $7,400 in income under Biden,” he said....

Grocery store prices are up 12.4 percent, while food away from home is up nearly 9 percent....


What It Means for Inflation to Be Embedded, by Jeffrey A. Tucker, Epoch Times, 10 November 2022:

Every economic press release these days is an exercise in downplaying disaster.... The reality is far grimmer....

Or here’s another way to look at this. The dollar of 1980 is now worth, in terms of goods and services, only $0.26 cents. Might as well say a quarter. The pace of pillaging rapidly increased in the past two years...

Here’s the bad news: There will be no going back to 2019 prices. Just forget about it. The Fed will never allow that because that would be tolerating a deflation of about 14 percent. I would welcome that and so would you, but the geeks at the Fed are convinced that such a dramatic price movement downward would provoke a massive depression, which they want to avoid at all costs. So they’ll forever tolerate ongoing devaluation of the currency rather than risk a full-scale meltdown.

The only thing policymakers can do right now—which they aren’t doing—is create conditions for higher economic growth in the future through dramatic cuts in regulation, spending, and taxes.

Please don’t forget what few are admitting: All of this began with lockdowns. That was the trigger. But for that, it’s very likely life would be clicking along normally right now and your life and freedoms would be more-or-less intact, even with Biden’s dangerous policy agenda...

For now, and especially in light of the depressing election results, we have stagflation as far as the eye can see.

Bidenflation: Americans Families $6K Poorer, Up from $4.2K

Biden Regime has just given you a pay cut, America. Get ready for more