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Inflation
Published July 13


AVERAGE AMERICAN WORKER HAS LOST $3,400 IN ANNUAL WAGES UNDER BIDEN THANKS TO
INFLATION


THE AVERAGE FAMILY IN WHICH BOTH PARENTS WORK HAS LOST $6,800 IN ANNUAL WAGES
UNDER PRESIDENT BIDEN, A HERITAGE FOUNDATION EXPERT TOLD FOX BUSINESS

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By Thomas Catenacci FOXBusiness
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FOX BUSINESS FLASH TOP HEADLINES FOR JULY 13

Check out what's clicking on FoxBusiness.com.

The average U.S. worker has lost $3,400 in annual income as a result of
skyrocketing inflation since President Biden took office nearly 18 months ago.




Overall, the Consumer Price Index, a key inflation measurement, surged 9.1%
year-over-year in June, a more-than-expected increase that marked its highest
level since November 1981, according to a Bureau of Labor Statistics report
Wednesday. The decline amounts to a roughly $3,400 yearly income decrease for
the average worker and a $6,800 reduction for families in which both parents
work, E.J. Antoni, a research fellow at The Heritage Foundation, told FOX
Business.

AMERICANS' INFLATION EXPECTATIONS HIT A FRESH 11-YEAR HIGH IN JUNE, NEW YORK FED
SAYS

"There are plenty of families that that's more than their food budget a year,"
Antoni told Fox Business in an interview. "I can't emphasize enough how much
this is really crushing consumers."



"It's truly crushing the middle class and then the White House spokesperson says
these garbage lines like ‘the economy is in transition,’" he continued.
"Transition in the same sense, I suppose, that an iceberg transitioned the
Titanic into a submarine."

close
video


INFLATION RATES TO GROW ‘HIGHER AND FOR LONGER’ UNTIL SUPPLY CHAIN IS ‘FIXED’:
EXPERT

Brigg Macadam founding partner Greg Swenson provides professional opinion on how
the U.S. markets may respond to June’s consumer price index report on ‘Mornings
with Maria.’



The report showed that energy prices, including gasoline and electricity, have
skyrocketed 41.6% year-over-year while food prices have risen 10.4% over the
last 12 months. The energy index increase was its largest jump since 1980.

Antoni also noted that core inflation, which measures the change in consumer
price across all sectors except the volatile energy and food sectors, rose a
whopping 5.9%.



"What we are seeing now is those [food and energy] costs are finally being
passed on to other businesses and then, ultimately, to consumers," he told Fox
Business. "That's why they're being borne out in the core prices."



SEVERE RECESSION NEEDED TO COOL INFLATION, BANK OF AMERICA ANALYSTS SAY

Republican lawmakers, meanwhile, slammed Biden following the report Wednesday
for the president's agenda, which they blamed for the high consumer prices.




"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 said in a statement Wednesday.

According to Antoni's calculation, inflation has effectively erased the money
Americans received from federal stimulus checks during the pandemic. The federal
government sent three stimulus payments — worth $1,200, $600 and $1,400
respectively — between March 2020 and March 2021.

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"How much more must Americans suffer at the expense of President Biden’s
reckless and dangerous policies?" House Financial Services Ranking Member
Patrick McHenry tweeted.




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Personal Finance
 * Mortgages
 * Student Loans
 * Credit Cards
 * Personal Loans
 * Savings
 * Insurance
 * 401k
 * Retirement
 * Tax Planning

Economy
 * Government Spending
 * Money & Policy
 * Small Business
 * Inflation

Markets
 * Pre-Markets
 * US Markets
 * Cryptocurrency
 * Futures & Commodities
 * Bonds
 * Funds & ETFs
 * Business Leaders
 * Industries
 * Retail
 * Stocks

Watchlist
Lifestyle
 * Rich & Famous
 * Travel
 * Cars
 * Airplanes
 * Food & Drinks
 * Arts

Real Estate
 * Personal
 * Commercial
 * Luxury Properties

Tech
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 * Gadgets
 * Business Tech
 * Healthcare Tech
 * Future Tech
 * AI
 * Space

Sports
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 * NBA
 * MLB
 * NASCAR
 * Boxing
 * Soccer
 * Golf
 * Tennis

Opinion
Shows
 * Mornings with Maria
 * Varney & Co
 * Cavuto: Coast to Coast
 * Making Money with Charles Payne
 * The Claman Countdown
 * Bulls & Bears
 * The Evening Edit
 * Kennedy
 * Strange Inheritance with Jamie Colby
 * Maria Bartiromo's Wall Street
 * WSJ at Large with Gerry Baker
 * Barron's Roundtable

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Fox Business
 * New Terms of Use
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 * Do Not Sell my Personal Information
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Quotes displayed in real-time or delayed by at least 15 minutes. Market data
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Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.

This material may not be published, broadcast, rewritten, or redistributed.
©2022 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy