According to the calculations of American Institute for Economic Research economist Peter C. Earle, inflation has increased by 13% since President Joe Biden took office.

While wages have increased 8% in this period, the discrepancy is essentially a pay cut for millions of Americans, Earle told the New York Post.

University of Chicago Economist Tomas Philipson agrees with Earle—but says inflation is actually up 14%.

President Biden has “increased demand dramatically with the fiscal policies, which is basically pumping up demand,” says Philipson, who was acting chair of the White House Council of Economic Advisors during the Trump administration.

“And then he has restricted supply, particularly in energy but also in other sectors,” Philipson continues. “His regulatory state, compared to Trump, is massive. It’s massive even compared to Obama.”

The Consumer Price Index for August came in hotter than economists expected, at 8.3%, Tuesday, causing a massive $1.5 billion selloff in stocks.

Regardless of the stock market rout, Biden signed the Inflation Reduction Act yesterday with a flourish at the White House and issued a statement touting the state of the economy:

"Today's data show more progress in bringing global inflation down in the U.S. economy. Overall, prices have been essentially flat in our country these last two months. That is welcome news for American families, with more work still to do."