Consumer prices have risen 12.7 percent since January 2021, much faster than wages, which Foundation analysts say has lost the average American worker $3,000 in annual purchasing power. Meanwhile, the Federal Reserve’s tighter monetary policy to combat inflation has meant that interest rates are rising, resulting in increased borrowing costs on mortgages, vehicle loans, and credit cards. This, Heritage Foundation analysts say, has reduced the average American’s purchasing power by another $1,200 per year. …direct result of a president and Congress addicted to spending our money, combined with a Federal Reserve compliantly enabling this addiction by printing more dollars.
