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Biden-Flation Burned Through 26 Million Low-Income Households’ Savings (and Then Some)

June 21, 2022

Accelerating inflation has wiped away 26 million low-income households’ savings, according to a new report, with these Americans losing nearly $16,000 under President Biden. Overall, American workers have received a nearly four percent pay cut under President Biden, which has prompted nearly 70 percent of Americans to report they’re having to dip into savings to cover basic expenses. 

While President Biden claims that his stimulus helped families, another report shows his stimulus fueled inflation, raising prices for the typical household by over $7,600, well over the $6,000 in government checks the Administration sent to a family of four.

Bottom Line: Without savings to rely on, low-income Americans are being squeezed the hardest by Biden-Flation when economists warn of a looming recession. 


Biden-Flation Hits Low-Income Americans the Hardest.

  • According to analysis of data from the Federal Reserve, low-income households’ savings have dropped nearly 26 percent under President Biden.
  • As Former Obama-Biden economic adviser Larry Summers warned back in May of 2021, inflation “disproportionately hurt[s] the poor.”
  • Analysis from Wells Fargo found that Hispanic and Latino Americans experience the highest inflation rate, with Black Americans not far behind.
  • A Penn-Wharton Budget Model analysis estimated that higher prices outpaced an increase in earnings for many households earning less than $60,000.

READ: ANALYSIS: Bidenflation Hits Low-Income Households Harder than the Wealthy

Main Street Businesses & American Families Are Suffering.

READ: Democrats Vow to Make Biden-Flation Worse

President Biden Doesn’t Have a Plan to Fight Inflation.

WATCH: Brady: Even “Slimmed Down” Build Back Better Means Over $1 Trillion in Crippling Tax Hikes on Small Biz

READ: One-Pager: Steps to Fight Biden-flation