Everyday costs
Everyday costs ISTOCK

A study found that the average American has $4,200 less annual income than they did when President Trump was in office.

The loss of spending power destroyed any financial gains most Americans made during the Trump years, the Heritage Foundation study found, according to the New York Post.

The study noted that the average American’s earning power had increased by $4,000 during the Trump administration but those gains have been entirely wiped out since January 2021 when Biden entered the White House.

The losses in income were blamed on out of control inflation that has led to higher interest rates, the Foundation said on Thursday.

The report found that the average American is $3,000 poorer in terms of purchasing power with consumer prices having risen 12.7 percent since Biden took office. At the same time, higher interest rates and increased costs to borrow have meant that the average person’s purchasing power has been further eroded by $1,200.

Wages are also not keeping pace, rising only 8 percent over the same period, which has negated any pay raises American have earned and has acted as a pay cut for most workers facing a battle to pay for daily expenses.

“Simply put, working Americans are $4,200 poorer today than when Biden took office,” Heritage Foundation research fellow EJ Antoni told the news outlet.

“This financial catastrophe for American families is the 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.”

(Israel National News' North American desk is keeping you updated until the start of Shabbat in New York. The time posted automatically on all Israel National News articles, however, is Israeli time.)