Key Points
- EJ Antoni, a research fellow in regional economics at The Heritage Foundation’s Center for Data Analysis, said the Biden administration’s policies have driven up inflation, costing the average household thousands of dollars through a combination of costs rising faster than wages and high interest rates.
- A December release from The Heritage Foundation presented an analysis of the latest consumer price index (CPI) summary and found that since Biden took office, inflation rising faster than wages has cost the average American household $5,800 in real annual income, while high interest rates have cost the average family $1,300, for a combined total of $7,100.
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