Working Americans have lost $3,400 in annual wages in the last 18 months due to soaring inflation, which set another 40-year high in June of 9.1%, according to a Heritage Foundation expert.

E.J. Antoni, who works as a researcher at Heritage, said that a family with two working parents has lost $6,800 in annual wages, or $3,400 per worker.

“I can’t emphasize enough how much this is really crushing consumers,” Antoni told Fox Business. “It’s truly crushing the middle classing and then the White House spokesperson says these garbage lines like ‘the economy is in transition.’ Transition in the same sense, I suppose, that an iceberg transitioned the Titanic into a submarine.”

The federal Department of Labor announced on Wednesday that inflation rose to an annual rate of 9.1% in June, the highest it has ever been since 1981. When Joe Biden assumed the presidency, inflation was at just 1.4%. To make matters even worse, wages aren’t keeping up with inflation. The Labor Dept. estimates that workers had a 3.6% inflation-adjusted reduction in pay over the past year.

Moody’s Analytics estimates that inflation will force the average American household to spend an additional $5,520 in 2022.

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