The Heritage Foundation reported that the average American has lost $4,200 in average income since President Biden took office, wiping out gains made under his predecessor.
Former OMB director Russ Vought responds to the Fed’s 75 basis point rate hike announced Wednesday, analyzes the impact of President Biden’s economic policies on the economy, and discusses potential changes should Republicans take back Congress.
Experts at the conservative think tank analyzed consumer prices data and the Federal Reserve’s interest rates and found in athat Americans have lost the equivalent of $4,200 of income per capita since January 20, 2021. Additionally, the tightening monetary policy by the Federal Reserve and increased borrowing costs on mortgages, vehicle loans and credit cards – caused by higher interest rates – have reduced the average American’s purchasing power by another $1,200 per year, Heritage Foundation says.
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