WASHINGTON—New data released Wednesday showed annual inflation up 8.3% from this time last year, with overall prices increasing 0.3% for the month of April. Core inflation (excluding food and energy) was 0.6% for the month and 6.2% for the year. The average family has lost the equivalent of $2,421 in real annual income from higher prices since President Joe Biden took office in 2021.
EJ Antoni, research fellow for regional economics with The Heritage Foundation’s Center for Data Analysis, released the following statement Wednesday in response to Biden’s continued inflation plague:
“Through the hidden tax of inflation, the American people are paying for trillions of dollars in government spending, financed by printed money. This has allowed Congress and the president to spend recklessly without explicitly raising taxes. The Federal Reserve has been complicit with the Biden administration in fleecing the American public.
“The president’s statements on inflation yesterday were nothing short of atrocious. Instead of accepting responsibility for his actions, he merely proposed more government spending to be yoked onto American taxpayers.
“The average American’s real earnings—earnings adjusted for price increases—have decreased 4.4% since Biden became president. The recent actions of the Federal Reserve to curb inflation, which should have started a year ago, are now too little, too late. To be effective at stopping inflation at this late stage, the Fed will likely also cause a recession.
“Many economic indicators are moving in the wrong direction, including real wages, real disposable income and savings, consumer debt, and energy production. The alarm bells should be ringing in Washington. They certainly already are for millions of families across this country.”
For more on inflation, visit The Heritage Foundation’s Data Visualization page.