This is according to E.J. Antoni, a research fellow at The Heritage Foundation, a conservative think tank, who spoke to Fox Business following the publication of the Bureau of Labor Statistics' latest consumer price index (CPI).
The CPI, a key measurement of inflation, found that year-over-year inflation in June surged by 9.1 percent. This increase is larger than expected and it marks the highest level of year-over-year inflation since Nov. 1981.
According to Antoni, this means that American workers saw their yearly income decrease by an average of $3,400. Families with both parents working saw their yearly income decline by $6,800. (Related: Nearly two-thirds of Americans are now living paycheck to paycheck amid inflation crisis.)
"For plenty of families, that's more than their food budget a year. I can't emphasize enough how much this is really crushing consumers," said Antoni.
"It's truly crushing the middle class, 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 White House has previously claimed that inflation will help the country and consumers transition to renewable energy sources. President Joe Biden has blamed a large part of the inflation on the rising costs of fossil fuels.
But as Antoni noted, core inflation – which measures the change in consumer prices across all sectors while excluding energy and food – still rose by 5.9 percent, contradicting Biden's claim that energy is the main culprit for inflation.
"What we are seeing now is those [food and energy] costs are finally being passed on to other businesses and then, ultimately, to consumers," said Antoni. "That's why they're being borne out in the core prices."
Republicans and economists alike have pinned the decades-high inflation on the economic policies of the Biden administration.
"One year ago this week, President Biden's reckless stimulus checks began flooding the economy, and we are seeing the result: Inflation is raging and getting worse, forcing massive pay cuts for American families," said Rep. Kevin Brady of Texas, ranking member of the House Ways and Means Committee.
Antoni noted that inflation has also effectively erased all of the money Americans received from federal stimulus checks during the pandemic – a total of $3,200 paid out between March 2020 and March 2021.
"How much more must Americans suffer at the expense of President Biden's reckless and dangerous policies?" said Rep. Patrick McHenry of North Carolina, ranking member of the House Financial Services Committee.
In response to the inflation report, Biden claimed that it is "out of date." He noted that gas prices have fallen in recent weeks from a national average of $5, but they are still well above $4.50 per gallon.
"The savings are providing important breathing room for American families," he claimed without providing any evidence. "And, other commodities like wheat have fallen sharply since this report."
Director of the National Economic Council Brian Deese said in a recent interview with CNBC that he also believes the recent inflation report is "backward-looking" because it does not reflect the trends of the last 30 days and what the administration has done since then.
Learn more about inflation and its effect on families at Inflation.news.
Watch this episode of the "Health Ranger Report" as Health Ranger Mike Adams explains how rising food prices is making people desperate enough to resort to violence.