Tag: inflation

Average American worker down $3400 in annual income since Biden took office

The average American worker has lost $3,400 in annual income since Biden took office in January 2021.

Since Biden’s inauguration, the cost of living, including prices at the grocery store and prices at the gas pump have steadily risen. While Biden seeks to blame the COVID-19 pandemic and Russian President Vladimir Putin for the state of the economy, Americans enduring hardship have had little to fall back on.

Biden’s economic challenges were compounded even further with the release of this month’s Consumer Price Index report, which surged to 9.1% year-over-year in June.

The increase was significantly higher than previously predicted by economists, marking the CPI at its highest level since November 1981, according to the Bureau of Labor Statistics on Wednesday.

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US families should suffer high gas prices to protect ‘the liberal world order’, Biden’s economic advisor Brian Deese says when asked what he would say to Americans who can’t afford $4.85 a gallon

Biden economic advisor Brian Deese said that Americans should ‘stand firm’ on paying record-high gas prices because the ‘future of the liberal world order’ is more important. 

‘What do you say to those families that say, ‘listen, we can’t afford to pay $4.85 a gallon for months, if not years?’ the director of the National Economic Council was asked on CNN Thursday.  

‘What you heard from the president today was a clear articulation of the stakes. This is about the future of the Liberal World Order and we have to stand firm,’ he replied. 

Deese added: ‘At the same time, what I would say to that family and Americans across the country is you have a president and an administration that is going to do everything in its power to blunt those price increases and bring those prices down.’

The U.S. cut off all Russian gas after Vladimir Putin invaded Ukraine, and the European Union followed suit, driving up gas and energy prices the world over. 

After breaching $5 a gallon for the first time ever, gas prices have fallen back to an average of $4.84 as of Friday.

Inflation has also reached a 40-year high at 8.6 percent with prices surging while the Ukraine war has also compounded food shortages and made grocery shopping more expensive.

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