The average American worker has lost $3,400 in annual wages due to skyrocketing inflation under President Biden, while the average family with both parents working has seen a $6,800 pay cut.

This is according to Heritage Foundation research fellow, E.J. Antoni.

The Political Insider on Wednesday delivered the financially catastrophic news that inflation far outpaced economist warnings, spiking to a new 40-year high of 9.1% in June.

That staggering number helped drive down the real average hourly earnings for all employees from May to June by a full 1.0%.

“There are plenty of families that that’s more than their food budget a year,” Antoni said in an interview with Fox Business. “I can’t emphasize enough how much this is really crushing consumers.”