American Workers Lost a Jaw-Dropping Amount From Inflation in Past Year: Researcher
American workers lost an average of $3,400 in yearly income as a result of high inflation in the past 18 months, according to a research fellow.
A report released by the Bureau of Labor Statistics found that the Consumer Price Index spiked 9.1 percent year-over-year last month, which is the highest level since 1981.
E.J. Antoni, a research fellow at the Heritage Foundation, said that with the current level of inflation, American workers saw a $3,400 yearly income decrease on average, while there was a $6,800 decline for families in which both parents work
“There are plenty of families that that’s more than their food budget a year,” Antoni told Fox News on Wednesday. “I can’t emphasize enough how much this is really crushing consumers.”
Inflation is “truly crushing the middle class and then the White House spokesperson says these garbage lines like ‘the economy is in transition,’” he added. “Transition in the same sense, I suppose, that an iceberg transitioned the Titanic into a submarine.”
Republicans and some economists have pinned the decades-high inflation on Biden’s policies. And on Wednesday, they again targeted the president.
“One year ago this week President Biden’s reckless stimulus checks began flooding the economy, and we are seeing the result: Inflation is raging and getting worse, forcing massive paycuts for American families,” House Ways and Means Committee Ranking Member Kevin Brady (R-Texas) said in a statement Wednesday.
He was referring to the American Rescue Plan that was signed into law by Biden last year, which provided stimulus checks worth up to $1,400. Stimulus checks were also doled out in 2020 following the emergence of COVID-19. Both provisions were heavily supported by Democrat lawmakers.
Biden’s Response
In response to the recent inflation report, President Joe Biden told reporters in Israel that “while today’s headline inflation reading is unacceptably high, it
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