$1 at Start of Biden’s Term Now Worth 88 Cents as Inflation ‘Crushing’ Americans: Sen. Ron Johnson

Sen. Ron Johnson (R-Wis.) illustrated in a statement on Sept. 20 how soaring inflation has eroded Americans’ purchasing power, pointing out in stark terms that $1 at the start of the Biden administration was now effectively worth just 88.3 cents.

Johnson, who’s been a repeated vocal critic of President Joe Biden’s handling of the economy and Democrats’ big spending bills, took to Twitter on Tuesday to criticize the impact of red-hot inflation on American households.

“Let this sink in: $1.00 at the start of the Biden administration is now worth $0.88. This is the Democrats’ tax on the middle class, and it’s crushing all Americans,” Johnson wrote.

In an interview on Fox News, Johnson elaborated on his point about the dramatic reduction in purchasing power due to inflation, especially among Americans on fixed incomes, like retirees.

“If you’re a senior lucky enough to hold $100,000 in a retirement account at the start of the Biden administration, it’s now worth only $88,300,” he told the outlet.

“It’s like the federal government stole $12,000 out of your savings account, and that’s exactly what they did because of their exorbitant and out-of-control deficit spending,” he said, adding, “and they have no intention of stopping.”

The Republican senator earlier criticized the passage of the Democrat-led Inflation Reduction Act, calling it a misnomer that would—contrary to remarks made by members of the Biden administration—add to inflationary pressures.

Inflation ‘Hasn’t Spiked,’ Biden Claims

Johnson’s scathing remarks on Twitter on Tuesday came on the heels of President Joe Biden’s eyebrow-raising interview on CBS’s “60 Minutes” program, in which the president downplayed the inflationary pressures facing American families.

Biden said in the interview that inflation over the past few months “hasn’t spiked” and that the monthly rate of inflation was negligible.

“The inflation rate month to month was just … an