A study conducted by the Heritage Foundation has concluded that Americans are $4,200 poorer since Joe Biden was elected president in 2020, the New York Post reports.

This is due to inflation and higher interest rates that resulted in living costs exceeding any wage increases over the past two years.

The NY Post provides more details:

Their analysis found that the average American has lost about $3,000 in annual purchasing power because consumer prices, which have risen 12.7% since January 2021, have spiked significantly faster the wages.

Wages have risen just 8% over the same period, which has effectively resulted in a pay cut for Americans struggling to pay for daily necessities including food, gas and rent.

Higher interest rates and borrowing costs have also reduced the average person’s purchasing power by another $1,200, according to the report.

Simply put, working Americans are $4,200 poorer today than when Biden took office,” said EJ Antoni, a research fellow in regional economics with the Heritage Foundation’s Center for Data Analysis.

READ: Americans have lost $4.2K in income under Biden, study says