Joe Biden hit the panic button after this one catastrophic failure was exposed

Joe Biden’s Presidency is an epic failure.

He’s delivered a punch in the gut to every American.

And Joe Biden hit the panic button after this one catastrophic failure was exposed.

President Joe Biden unleashed the worst inflation in 40 years after he went on a reckless debt-fueled spending spree.

In an effort to try and lower inflation, the Federal Reserve has been steadily raising interest rates to decrease demand in the economy and bring down prices.

Rising interest rates drive up the cost of borrowing money and make loans, credit card debt, and mortgages more expensive.

The combination of inflation and rising interest are delivering a one two punch to Americans in the disastrous Biden economy.

Now, a study from the Heritage Foundation revealed the true cost of Joe Biden’s failed Presidency to every American.

According to the study, Biden has cost the average family more than one month’s paycheck in annual income due to inflation and rising interest rates.

Economists at the Heritage Foundation found that the average American household lost $7,400 in annual income since Biden occupied the White House in January of 2021.

EJ Antoni, a research fellow at the Heritage Foundation’s Center for Data Analysis, told Fox Business that the Biden Presidency is making Americans poorer.

“Higher borrowing costs and declining real wages mean the average family is effectively $7,400 poorer today than when Biden took office,” Antoni explained. “That is more than a month’s salary for many families and the equivalent of more than a 10% pay cut for the median household income.”

Antoni said that $6,000 of the $7,400 in lost income came from rising prices.

The remaining $1,400 in lost income comes from rising interest rates driving up the cost of credit card debt, car loans, and mortgage payments.

More pain could be on the way for struggling Americans this year since the Federal Reserve has promised to continue raising interest rates to bring down inflation.

However, many leading economists expect elevated levels of inflation for years to come.

Antoni blamed the disastrous fiscal policies undertaken by Biden for driving up the cost of living.

“The astronomical levels of spending, borrowing, and printing of money over the last two years have devalued the dollar and levied a hidden but heavy inflation tax on the American people,” Antoni said.

With more Americans struggling in the Biden economy, credit card debt is on the rise.

“Americans are increasingly relying on credit cards to make it from paycheck to paycheck, resulting in higher levels of indebtedness,” Antoni said. “Rising credit card balances in an era of rising interest rates is a path to insolvency.”

Joe Biden’s reckless spending spree was one of the worst economic decisions in a generation.

And the country is paying the price for his failure.

Renewed Right will keep you up-to-date on any new developments in this ongoing story.