Perhaps no statistic captures the stark difference in Americans’ economic fortunes under President Biden compared to President Trump better than the purchasing power of workers’ wages. Under President Trump, between 2017 and 2019, Americans received a whopping $5,237 increase in real median income and a $6,603 increase in median family income—suggesting that Trump administration policies led to historic economic gains for American families. Under Joe Biden, however, families have lost on average $6,000 in purchasing power—a staggering figure that lays bare just how devastating Biden’s policies have been for everyday Americans.
According to a sobering analysis from renowned economists Stephen Moore and E.J. Antoni, “over the past 20 months, [the] rise in consumer prices over wages means that the average family in America has lost nearly $6,000 in purchasing power”—a figure that is likely to grow in the months ahead. “It’s not exactly the same as a bank robber with a gun stealing a quarter of the money in your bank account,” Moore continued. “But at the end of the day, Bidenflation has had the exact same unhappy result.” Moore and Antoni further found that the average 401(k) plan is down $34,000 in less than one year – a more than 25 percent decrease and a devastating hit to Americans’ retirement savings.
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