Back in 2022, President Joe Biden stood in front of a "Lowering Costs for Families" sign. "We're in a situation now where you should have peace of mind," he said. Remember how much more it was going to cost American families to live because of out-of-control inflation?
Well, forget all that, because according to Axios, a study from Yale's Budge Lab says that President Donald Trump's tariffs are going to cost the average U.S. household $3,800 in purchasing power.
The average US household will lose an estimated $3,800 in purchasing power as a result of this year's tariffs, according to Yale's Budget Lab.https://t.co/mGdX8wb0jM
— Axios (@axios) April 7, 2025
Axios reports:
By the numbers: The lowest income households could see their disposable income fall by as much as 5.5%, in a scenario of 20% across-the-board tariffs where other countries retaliate with levies of their own, per an analysis from the Yale Budget Lab.
For the highest-income households, that drop is just 2.1%.
…
The bottom line: Ouch.
Axios says in its X bio that it provides "Smart Brevity" worthy of people's time. We don't know as "Ouch" counting as smart brevity.
Now do Biden's inflation.
— Pacheco the Ghost (@PMtalking) April 7, 2025
Did my purchasing power go up or down with his 21% inflation? I am bad at economics, so it would really help if you explained it to me like I was an Axios writer.
Funny how you didn't post Yale Budget Lab analyses during the Biden Administration.
— Usually Right (@normouspenis) April 7, 2025
Does it matter that Ivy League schools are now having to teach remedial math?
— 9 Lives Cat (@4_Red_White_Blu) April 7, 2025
These hypothetical models are worse than useless — they're pure fictions meant to frighten people and push a doomed and dangerous political agenda. And most people aren't buying it anymore.
— Willem F. Thayer (@WillemFThayer) April 7, 2025
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Info coming from Axios and Yale is about as believable as everyone saying Biden was just fine.
— Kell R (@rescuedogsrock1) April 7, 2025
I can't find your chart from the Biden admin, when the average family lost $17,000 in purchasing power.https://t.co/7Tl2YFlmEf
— VoterX (@Daniel11_36) April 7, 2025
— Dr. Frankie Ashcroft 🇺🇸 (@FrankieAshcroft) April 7, 2025
That's this editor's favorite GIF.
Hey @grok how much money did Americans have to spend due to inflation under President Biden ?
— NicksWorld19 (@crypto_lili) April 7, 2025
And gain 4300 ad a result of the tax cuts. https://t.co/AyW9ucYcnt
— Insurrection Barbie (@DefiyantlyFree) April 7, 2025
The chart has a disclaimer saying that "the projection assumes countries impose retaliatory tariffs." That's a big assumption, when more than 50 countries are working with the White House on the issue.
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