Sen. Ron Johnson says inflation crunching Americans as $1 is now worth 88 cents: Biden's term

Photo Source: By Office of Senator Ron Johnson

Sen. Ron Johnson highlighted the erosion of American purchasing power in a statement on September 20, stating that $1 at the start of the Biden administration is now worth only 88.3 cents.

Taking to Twitter on Tuesday, Johnson criticized the impact of red-hot inflation on American households after repeatedly criticizing President Joe Biden's handling of the economy and Democrats' big spending bills.

“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,” he told the outlet.

“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,” he said, adding, “and they have no intention of stopping.”

The dollar now is worth $0.88 instead of $1.00 when the Biden administration began. This is the Democrats’ tax on the middle class, and it’s crushing all Americans,” Johnson wrote.

During an interview with Fox News, Johnson elaborated on its impact on Americans living on fixed incomes, such as retirees, as well as the dramatic reduction in purchasing power due to inflation.

20 September 2022