While many economic pundits point to cooling inflation, The Heritage Foundation’s new Personal Inflation Calculator showcases the cumulative effect of inflation on the average American.
Since the Biden-Harris administration took office in January 2021, Americans have felt the pain of rising prices. The federal government’s excessive spending and borrowing habits led to record-high inflation.
Prices increased for everyone, and Americans are unable to afford the same lifestyle they enjoyed just four short years ago.
Take, for example, the fictitious Rachel in a financial vignette: Rachel is a 25-year-old marketing professional who works at the headquarters of Urban Outfitters in Philadelphia.
Rachel finds that, despite modest salary increases, she can’t enjoy the standard of living she did before inflation caused the purchasing power of her paychecks to…
