Average American family has now lost $6,000 in annual wages under Biden due to inflation

quote:

---

The analysis, conducted by economist and Heritage Foundation research fellow E.J. Antoni, showed that the average American worker has seen annual wages decrease by $3,000, meaning families have seen a loss of $6,000 in annual wages, thanks to high inflation. Antoni said the losses have had major impacts on families' earnings and quality of life as Americans struggle to pay for everyday items such as groceries and energy bills.

"People are just absolutely being crushed," he told FOX Business in an interview. "It's not the price of caviar and yachts that are driving these numbers. It's necessities, it's staples. It's things like eggs, milk, flour, soup. These are things that are up 20 or 30 percent year-over-year."

"All of those additional costs are now creeping into the rest of the economy, essentially," Antoni continued. "I really don't see much good news any anywhere I look, unfortunately."

In September, the Consumer Price Index, a common tool for measuring inflation, ticked up 0.4% month-over-month and 8.2% year-over-year, according to a U.S. Department of Labor report published Thursday. The figure came in hotter than economists had projected ahead of the report.

Core prices, which exclude volatile energy and food prices, increased by 6.6% on an annual basis, the largest jump in 40 years.

---