Friday 23 September 2022 09:35 PM Americans have lost an average of $4,000 in salary trends now

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The average American has lost $4,200 in income due to soaring inflation and rising interest rates, according to an analysis by the Heritage Foundation. 

Experts at the right-leaning think tank analyzed consumer prices data and the Federal Reserve's interest rates. Consumer prices have risen 12.7 percent since 2021, far outpacing wages and Heritage experts believe this has cost Americans about $3,000 each in purchasing power. 

As the Fed pushes interest rates to a range of 3-3.25 percent, higher borrowing costs are squeezing Americans on mortgages, vehicle loans and credit cards, costing another $1,200 per year. 

The $4,200 loss erases the $4,000 increase in annual earnings that occurred under the Trump administration, according to Heritage. 

'Instead of correcting course over a year ago when inflation began rising, the Biden administration and Congress continued the profligate spending spree and the Fed let

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