Every day that passes, Joe Biden spends more money we don’t have. He has spent so much that every American has taken a pay cut every single month since he took office.
“These unchecked costs drove the deficit to record highs and pushed the debt over $31 trillion,” wrote E. J. Antoni, an economist for the Heritage Foundation.
Antoni went on:
The Federal Reserve simply created the money for the government to spend, and that devalued the dollar with four-decade-high inflation.
That incredible increase in consumer prices explains why workers feel poorer although they’re making more money.
According to the Bureau of Labor Statistics, average weekly earnings are up 9% since Biden took office, but consumer prices have risen 14.9% over that same time.
The result is that real earnings (meaning earnings adjusted for inflation) are down 5.1% under Biden.
For the typical family with two parents working, their combined weekly paychecks are up about $200, but that money has lost so much purchasing power from inflation that it’s as if their weekly pay has shrunk by more than $100.
The average working American family has lost $5,600 in purchasing power under Biden because of rampant inflation.
The U.S. economy has been entirely downhill, he added.
Joe Biden is systematically devastating this country.
Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston, or Truth Social @WarnerToddHustonTags: Commentary
Join the conversation!
We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse.