President Joe Biden’s 40-year-high inflation will cost American households on average an extra $5,200 in 2022, or $433 per month, according to Bloomberg.
Though the publication claimed the expense of costly inflation could be mitigated by wage growth, wages have not been keeping up with inflation, allowing inflation to rip through the pocketbooks of American workers:
The excess savings built up over the pandemic, and increases in wages, will cushion those costs, and allow spending to expand at a decent pace this year. But accelerated depletion of savings will increase the urgency for those staying on the sidelines to join the labor force, and the resulting increase in labor supply will likely dampen wage growth.
Inflation-adjusted average hourly earnings for all employees decreased 0.8 percent from January to February, seasonally adjusted, the U.S. Bureau of Labor Statistics reported on March 10. Compared with a year ago, inflation-adjusted average hourly earnings have fallen 2.6 percent.
According to a University of Michigan survey of consumer sentiment, 32 percent of Americans expect their financial condition to deteriorate in 2022, likely because of inflation. Only 16 percent of Americans believe Biden’s policies will rectify the economic problems. “That will make fighting inflation harder because so much of inflation depends upon psychology and expectations,” Breitbart News reported.
Inflation has dramatically upended Biden’s political landscape. Where Biden generally received positive polling when he first assumed office, NBC News polling from Sunday revealed 71 percent of Americans believe Biden’s America is headed in the wrong direction. Just 22 percent say the country is headed in the right direction.
Moreover, about seven in ten Americans say Biden’s economy “is in bad shape,” according to last week’s Associated Press-NORC polling. Nearly two-thirds of Americans disapprove of how Biden is handling the economy. And a majority of Americans say his own policies have hurt the economy instead of helped it.