According to an analysis shared with FOX Business, American households lose about $6,000 in wages per year due to inflation during Biden’s presidency.

Heritage Foundation experts told Fox Business that Americans are "absolutely overwhelmed by rising consumer prices."

According to an analysis shared with FOX Business, American households lose an average of about $6,000 in wages per year due to inflation during their presidency of Biden .

Analysis by economist and Heritage Foundation researcher EJ Antoni shows that the average annual wage for American workers is reduced by $3,000, which means that households lose $6,000 in annual wages due to high inflation. Anthony said that because Americans have difficulty paying for daily necessities, such as groceries and energy bills, these losses have had a significant impact on household income and quality of life.

“People are totally overwhelmed,” he said in an interview with FOX Business. "It's not the price of caviar and yachts that drive these numbers. It's a necessity, a staple. Eggs, milk, flour, soup and other stuff. These things are up 20% or 30% year-on-year."

"Essentially, all these extra costs are now spreading to other areas of the economy," Anthony continued. "Unfortunately, I really don't see any good news."

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In September, the common tool for measuring inflation, the Consumer Price Index, rose 0.4% month-on-month and 8.2% year-on-year, according to a report released by the U.S. Department of Labor on Thursday. This figure is higher than economists predicted before the report was released.

excluding the volatile energy and food prices, the core price rose 6.6% year-on-year, the largest increase in in 4 years.

"Whenever you have a time when the core gets very hot, over time, this title number will increase to make up for that and vice versa," Anthony said. "And that's exactly what we're seeing now. Title numbers have been very popular, mainly because of energy prices, and now you'll have core catch-ups."

According to recent survey data from Lending Club, about 157 million Americans, or about 61% of the country's population, survive on salary due to high inflation. This figure is higher than 55% recorded in June 2021.

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According to Lending Club, despite wages rising by 5.1% last year, they have not kept pace with consumer prices.

Anthony criticized the Biden administration for causing inflation to soar. Biden said in a statement Thursday that the U.S. has made progress in curbing inflation due to his economic plan.

“People are much worse now than in January 2021,” he said. “It’s really like this administration thinks they can rule through executive orders, like what they said through royal decrees and it turns out to be like that. It’s absolutely shocking.”

“The inflation rate when Biden took office was 1.4% – basically nonexistent,” Anthony added. "Somehow, in just 18 months, he ran it over 9%. Once again, it's really like these people living in a fantasy world. It's incredible."