American Families $7400 Poorer Since Biden Took Office

Economist EJ Antoni explains why the American economy is in the shape it is in right now, and how Americans are $7400 poorer since Biden has taken office.

EJ Antoni: So, people are wondering why is the economy in the shape it is in right now., and it's simply because you cannot spend, borrow, and print trillions upon trillions of dollars and not expect negative consequences. Look, the sins of the past always catch up with you be they moral or monetary and that's exactly what we're seeing today.

The average family, for example, has lost $6,000 in purchasing power. So in other words even though they're salaries, their wages have been going up, prices have been going up even faster, and so they can effectively buy less today than they could win Biden and took office. But on top of that, now that the Federal Reserve is belatedly raising interest rates, that's adding to borrowing costs on everything from credit cards to student loans, from mortgages to auto loans. That's another $1,400 that the average family has lost. That's $7,400. You feel like you're poorer.

EJ Antoni is a Research Fellow at The Heritage Foundation.

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