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.
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Tags: Commentary
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