The average American worker has lost $3,400 in annual wages due to skyrocketing inflation under President Biden, while the average family with both parents working has seen a $6,800 pay cut.
This is according to Heritage Foundation research fellow, E.J. Antoni.
The Political Insider on Wednesday delivered the financially catastrophic news that inflation far outpaced economist warnings, spiking to a new 40-year high of 9.1% in June.
That staggering number helped drive down the real average hourly earnings for all employees from May to June by a full 1.0%.
“There are plenty of families that that’s more than their food budget a year,” Antoni said in an interview with Fox Business. “I can’t emphasize enough how much this is really crushing consumers.”
Wages adjusted for inflation are near historical lows. The average American citizen is hurting. pic.twitter.com/W5yjo8LKtY
— Will Clemente (@WClementeIII) July 13, 2022
RELATED: Inflation Spikes To New 40-Year High Of 9.1%, Real Average Hourly Earnings Drop 1.0%
Average American Wages Are Taking a Beating
As noted by The Political Insider report, real average hourly earnings have decreased 3.6% from June 2021 to June 2022.
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When factoring in a decrease in the average American work week, that number rises to a 4.4% drop over the past year.
“It’s truly crushing the middle class and then the White House spokesperson says these garbage lines like ‘the economy is in transition,’” Antoni said. “Transition in the same sense, I suppose, that an iceberg transitioned the Titanic into a submarine.”
Since he took office, #Bidenflation has cost the average American worker $3,400 in lost annual wages.
— Ronna McDaniel (@GOPChairwoman) July 14, 2022
Indeed, President Biden just one month ago told the American people that there were indicators that the “economy is beginning to transition from an historic recovery to steady, stable economic growth.”
Instead, the economy continues to sink after hitting an iceberg known as ‘Bidenflation.’
NEW: Pres. Biden issues statement on unemployment claims, announcements from Ford and Stellantis.
“As we make the transition from an historic jobs recovery to steady, stable economic growth, companies are investing in manufacturing in America.” https://t.co/shzKPFL3gv pic.twitter.com/UiY7vRfU5a
— ABC News Politics (@ABCPolitics) June 2, 2022
The Decline in Wages is Devastating to American Workers
Even Democrats are having a hard time believing Biden as the average hourly wages of Americans continue to freefall.
Former Obama economic advisor Jason Furman notes, real wages are dropping at “the fastest pace of decline in 40 years.”
The decline in real average hourly earnings at this point is terrible, the fastest pace of decline in 40 years. pic.twitter.com/92rKJFtQRD
— Jason Furman (@jasonfurman) July 13, 2022
Former Representative Tulsi Gabbard (D) recently slammed Biden for his rosy outlook on the economy and wondered if it is a joke or if he really doesn’t know he is the President of a country where people currently are struggling to afford food and gas.
“Either he’s making a bad joke or he’s unaware that he’s currently the President of a country where people can’t afford groceries, gas, and a mortgage on a full-time income,” she said.
Biden said he’s “never been more optimistic” for our country than he is now. He’s been around a long time. Either he’s making a bad joke or he’s unaware that he’s currently the President of a country where people can’t afford groceries, gas and a mortgage on a full-time income pic.twitter.com/Vqt65kmuYn
— Tulsi Gabbard ???? (@TulsiGabbard) June 18, 2022
While Biden and the Democrats have tried to deflect blame for inflation and the subsequent decrease in average American wages, former Obama economic adviser Larry Summers has pointed the finger at their $1.9 trillion “stimulus.”
Here is one unmistakable truth that proves Americans are not better off under President Biden than they were under former President Donald Trump, and that the so-called ‘stimulus’ was actually detrimental to their situation:
Real wages have declined EVERY SINGLE MONTH since Biden passed his stimulus.
In the words of former Obama economist Jason Furman, real wage declines are “terrible, the fastest pace of decline in 40 years.”
Real wages are DOWN 3.6% from last year and have been negative every single month since Biden passed his $1.9T “stimulus.” pic.twitter.com/k6utjZ8rTO
— Tommy Pigott (@TommyPigott) July 13, 2022
A report earlier this year indicates nearly two-thirds of Americans are being forced to live paycheck-to-paycheck in the Biden economy as inflation at the time was 8.3%.
Think that percentage has gone up as inflation gets exponentially worse?
$3,400 is a substantial amount of money for any one person. $6,800 could destroy a family.
Readers – Tell us how Biden has helped to ‘stimulate’ your wallet and bank account since taking office. How much money do you estimate you’ve lost?
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