{"id":1655147,"date":"2022-09-23T12:31:51","date_gmt":"2022-09-23T16:31:51","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1655147"},"modified":"2022-09-23T12:33:38","modified_gmt":"2022-09-23T16:33:38","slug":"americans-have-lost-4200-in-income-under-biden-completely-wiping-out-trump-era-gains","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/americans-have-lost-4200-in-income-under-biden-completely-wiping-out-trump-era-gains\/","title":{"rendered":"Americans Have Lost $4,200 in Income Under Biden &#8211; Completely Wiping Out Trump-Era Gains"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Famericans-have-lost-4200-in-income-under-biden-completely-wiping-out-trump-era-gains%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1655147&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><article title=\"Heritage\"><\/article>\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\">\n<div class=\"caption\">\n<p>Former OMB director Russ Vought responds to the Fed\u2019s 75 basis point rate hike announced Wednesday, analyzes the impact of President Biden\u2019s economic policies on the economy, and discusses potential changes should Republicans take back Congress.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The average American has lost more than $4,000 in annual income since President Biden took office due to <a href=\"https:\/\/www.foxbusiness.com\/category\/inflation\" target=\"_blank\" rel=\"noopener\">soaring inflation<\/a> and higher interest rates thus wiping out income gains under the previous administration, according to data compiled by the Heritage Foundation.<\/p>\n<p>Experts at the conservative think tank analyzed consumer prices data and the Federal Reserve\u2019s interest rates and found in a <a href=\"https:\/\/www.heritage.org\/press\/heritage-expert-americans-have-lost-4200-annual-income-under-the-biden-administration\" target=\"_blank\" rel=\"nofollow noopener\">Friday report<\/a> that Americans have lost the equivalent of $4,200 of income per capita since January 20, 2021.<\/p>\n<p>Consumer prices have risen 12.7% since January 2021, much faster than wages, which Heritage analysts say has cost the average American worker $3,000 in annual purchasing power.\u00a0<\/p>\n<p>Additionally, the tightening monetary policy by the Federal Reserve and increased borrowing costs on mortgages, vehicle loans and credit cards \u2013 caused by higher interest rates \u2013 have reduced the average American\u2019s purchasing power by another $1,200 per year, Heritage Foundation says.\u00a0<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/politics\/janet-yellen-hinges-economic-recovery-supply-chain-green-agenda-end-ukraine-war\" target=\"_blank\" rel=\"noopener\"><strong>JANET YELLEN SAYS ECONOMIC RECOVERY HINGES ON SUPPLY CHAIN, GREEN AGENDA AND END OF UKRAINE WAR<\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><\/div>\n<div class=\"caption\">\n<p><span>(L) Former President Donald Trump (R) President Joe Biden<\/span><span> (Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n<p>&#8220;Simply put, working Americans are $4,200 poorer today than when Biden took office,&#8221; EJ Antoni, research fellow in regional economics with The Heritage Foundation\u2019s Center for Data Analysis, said in a press release. &#8220;This financial catastrophe for American families is the direct result of a president and Congress addicted to spending our money, combined with a Federal Reserve compliantly enabling this addiction by printing more dollars.&#8221;<\/p>\n<p>Antoni told Fox News Digital that the <a href=\"https:\/\/www.foxbusiness.com\/category\/fox-news-family\" target=\"_blank\" rel=\"noopener\">average household<\/a> has lost roughly $7,200, a number calculated by doubling the inflation number of $3,000 and adding $1,200 in losses from interest rates.<\/p>\n<p>The $4,200 loss figure erases the average American worker\u2019s real annual earnings increase of $4,000 that occurred during the Trump presidency, according to Heritage.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/economy\/tgi-fridays-ceo-concerned-feds-rate-hikes-taxing-middle-america-most\" target=\"_blank\" rel=\"noopener\"><strong>TGI FRIDAYS CEO \u2018CONCERNED\u2019 ABOUT THE FED\u2019S RATE HIKES TAXING MIDDLE-AMERICA \u2018THE MOST\u2019<\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/Inflation-in-America.png\" alt=\"12 year inflation statistics graphic\" \/><\/div>\n<div class=\"caption\">\n<p><span>Annual CPI inflation over the past 12 years.<\/span><span> (U.S. Bureau of Labor Statistics \/ Fox News)<\/span><\/p>\n<\/div>\n<\/div>\n<p>&#8220;Washington recklessly spent trillions of dollars it did not have and paid for it with newly printed money, causing rampant inflation that has destroyed people\u2019s purchasing power and jeopardized Americans\u2019 financial futures,&#8221; Antoni said.<\/p>\n<p>Antoni explained that many Americans have taken on additional debt to cover their cost of living while rates on all kinds of consumer debts are rising. At the same time, mortgage rates and interest rates have doubled since Biden took office which is greatly increasing the monthly payments Americans are facing.<\/p>\n<p>&#8220;We are in a vicious spiral, but it\u2019s one of Joe Biden, the <a href=\"https:\/\/www.foxnews.com\/category\/us\/congress\" target=\"_blank\" rel=\"noopener\">Democrat-controlled Congress<\/a>, and the Fed\u2019s own making,&#8221; Antoni said.\u00a0<\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/politics\/bidens-handling-economy-put-test-americans-weigh\" target=\"_blank\" rel=\"noopener\"><strong>BIDEN&#8217;S HANDLING OF THE ECONOMY PUT TO THE TEST; AMERICANS WEIGH IN<\/strong><\/a><\/p>\n<p>The <a href=\"https:\/\/www.foxnews.com\/category\/politics\/executive\/white-house\" target=\"_blank\" rel=\"noopener\">White House<\/a> did not immediately respond to a request for comment from Fox News Digital.<\/p>\n<p>The $4,200 figure from Heritage Foundation represents an increase from July when the think tank reported a <a href=\"https:\/\/www.foxbusiness.com\/politics\/average-american-worker-lost-3400-annual-wages-under-biden-inflation\" target=\"_blank\" rel=\"noopener\">$3,400 loss in revenue<\/a> for the average American worker under Biden.<\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/media\/rate-which-biden-driven-us-economy-into-ground-genuinely-astounding-steve-hilton\" target=\"_blank\" rel=\"noopener\"><strong>THE RATE AT WHICH BIDEN HAS DRIVEN THE US ECONOMY INTO THE GROUND IS &#8216;GENUINELY ASTOUNDING:&#8217; STEVE HILTON<\/strong><\/a><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><source media=\"(max-width: 767px)\" \/><source media=\"(min-width: 768px) and (max-width: 1023px)\" \/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" \/><source media=\"(min-width: 1280px)\" \/><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/Energy-inflation.png\" alt=\"August 2022 inflation statistics graphic energy\" \/><\/div>\n<div class=\"caption\">\n<p><span>The year-over-year Consumer Price Index for energy rose.\u00a0<\/span><span> (U.S. Bureau of Labor Statistics \/ Fox News)<\/span><\/p>\n<\/div>\n<\/div>\n<p>The Heritage Foundation report comes days after the Federal Reserve raised its benchmark interest rate by 75 basis points for the <a href=\"https:\/\/www.foxbusiness.com\/economy\/fed-meeting-interest-rate-hike-jerome-powell\" target=\"_blank\" rel=\"noopener\">third straight month<\/a> as it struggles to bring down skyrocketing inflation.<\/p>\n<p>The move puts the key benchmark federal funds rate at a range of 3% to 3.25%, the highest since before the 2008 financial crisis. It marks the fifth consecutive rate increase this year.<\/p>\n<p><a href=\"http:\/\/foxbusiness.com\/\" target=\"_blank\" rel=\"noopener\"><strong><u>CLICK HERE TO READ MORE ON FOX BUSINESS<\/u><\/strong><\/a><\/p>\n<p>&#8220;We have got to get inflation behind us,&#8221; Federal Reserve <a href=\"https:\/\/foxbusiness.com\/category\/jerome-powell\" target=\"_blank\" rel=\"noopener\"><u>Chairman Jerome Powell<\/u><\/a> said during a post-meeting press conference\u00a0in Washington. &#8220;I wish there were a painless way to do that. There isn\u2019t.&#8221;<\/p>\n<p>Despite the slew of aggressive rate increases, however, inflation has remained stubbornly high. It ran even hotter than expected last month, with the consumer price index, a broad measure of the price for everyday goods that includes gasoline, groceries and rents, increasing 0.1% in August from the previous month, dashing hopes for a slowdown. On an annual basis, <a href=\"https:\/\/www.foxbusiness.com\/category\/inflation\" target=\"_blank\" rel=\"noopener\"><u>inflation is running<\/u> <\/a>at 8.3% \u2014 a nearly 40-year high.<\/p>\n<p><i>Fox News&#8217; Caitlin McFall contributed to this report<\/i><br \/>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former OMB director Russ Vought responds to the Fed\u2019s 75 basis point rate hike announced Wednesday, analyzes the impact of President Biden\u2019s economic policies on the economy,<\/p>\n","protected":false},"author":1,"featured_media":1655149,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1655147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1655147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1655147"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1655147\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1655149"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1655147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1655147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1655147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}