According to information compiled by the Heritage Foundation, the average American has lost more than $4,000 in annual income due to soaring inflation and higher interest rates since President Joe Biden took office. The report indicates income gains under the previous administration have been wiped.
Increased consumer prices (+12.7%) and higher interest rates have increased borrowing costs on mortgages, vehicle loans, credits cards, etc. The challenges have resulted in $3,000 lost purchasing power and $1,200 increased borrowing cost per year on average.
The information was also posted on Fox Business …
See also …
Americans have lost $4,200 in income under Biden, wiping out Trump gains: Heritage
Heritage Expert: Americans Have Lost $4,200 in Annual Income Under The Biden Administration
The Heritage Foundation declares its mission is to formulate and promote public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense.
