American Dollar Now Worth .88 Cents in 18 Months Under Joe Biden

In a statement on September 20, ​Senator Ron Johnson (R-WI) illustrated how soaring inflation has eroded Americas’ purchasing power, pointing out in stark terms that $1.00 at the start of the Biden administration is now effectively worth 0.88.3 cents.

Johnson has often been a vocal critic of President Joe Biden’s handling of the economy and the Democrats’ big spending bills, took to Twitter on September 10 to criticize the impact of red-hot inflation on American households.​

Johnson’s tweet said, “Let this sink in: $1.00 at the start of the Biden administration is now worth $0.88. This is the Democrats’ tax on the middle class, and it’s crushing all Americans.”

During an interview on Fox News, Johnson elaborated on his point about he dramatic reduction in purchasing power dur to inflation, especially among Americans on fixed incomes, such as retirees and social security recipients.

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Johnson told Fox, “If you’re a senior lucky enough to hold $100,000 in a retirement account at the start of the Biden administration, it’s now worth only $88,300.”

Johnson continued, “It’s like the federal government stole $12,000 out of your savings account, and that’s exactly what they did because of their exorbitant and out-of-control deficit spending, and they have no intention of stopping.”

Numbers cited by Johnson are parallel with the Consumer Price Index (CPI) based purchasing power differential between the month Biden took the oath of office in January 2021 and last month, which shows that Americans now need one whole dollar to buy what .88 cents bought during the Trump’s final month in office.

Johnson also criticized the passage of the Democrat-led Inflation Reduction Act, calling it a misnomer that would, contrary to remarks made by members of the Biden administration, add to inflationary pressures.

Johnson’s severely critical remarks on Twitter follow Biden’s eyebrow-raising interview that aired on CBS’s “60 Minutes” program on September 18, in which the Biden downplayed the inflationary pressures facing American families.

When questioned by CBS;s Scott Pelly, who noted that the most recent CPI came in at an annual 8.3%, Biden’s response was that the over the past few months that inflation hasn’t spiked, and the monthly rate of inflation was negligible. Biden said, “The inflation rate month to month was just, an inch, hardly at all.”

Pelley reminded Biden that the current 8.3% is close to a multi-decade high, and that Americans were “shocked by their grocery bills.”

Grocery store inflation, based on the “food away from home” category in the CPI data, shot up by an annual 13.5% in August, the fastest in 43 years.

Biden replies to Pelley’s question by calling for “perspective” and focusing on the month-over-month rate of inflation in August, which was 0.1%, rather than the year-over-year pace of 8.3%.

The president’s remarks on inflation sparked a flurry of critical takes from Republicans and others, even some democrats, across the country.

Some of the others included Steve Forbes, Chairman and Editor-in-Chief of Forbes magazine, who told Fox Business Network that Biden is sure to get blowback for his “happy talk” on inflation. Forbes added that the president is “doing all he can to make it possible to recover from the inflation that comes from disrupting supply chains” with his anti-fossil fuel policies that will raise energy prices.

Grover Norquist, president of Americans for Tax Reform, stated on an op-ed on Fox News that soaring inflation is akey motivating issue for people preparing to vote in the midterms in November.

Norquist wrote in the op-ed, “Voters know where the buck stops and inflation is front and center in this election.” He also said “That Biden’s attitude on inflation would drive some voters to cast ballots for the GOP.”

There are economists, along with many Americans, facing sticker shock when buying everyday essentials, and believe the true rate of inflation is much higher than the 8.3% official government data is showing.

An alternative inflation gauge developed by economist John Williams, calculated according to the same methodology used by the U.S. government in the 1980s, puts August’s inflation figure at an annual 16.5%, nearly double the official figure.

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