The government's "failure" to boost wages has cost the Treasury £116.5bn since 2010, Labour has claimed.
At an event in Nottingham later, party leader Ed Miliband will talk of a "cost of living crisis" created by low wages and soaring housing costs.
The reality for millions is a "joyless and payless recovery", he will add.
George Osborne has said he will outline how the UK will "stay on the course to prosperity" in Wednesday's Autumn Statement.
Mr Miliband's comments, which come just two days before George Osborne updates Parliament on his tax and spending plans, are designed to highlight the link between low wages and the UK's ability to reduce the deficit.
End Quote Ed MilibandThe test this week for David Cameron and George Osborne is whether they recognise that Britain will only succeed and prosper for the long term by tackling the cost-of-living crisis and building a recovery which works for the many, not just for a few"
His party has commissioned work from the House of Commons Library suggesting that, over the course of this parliament, income tax receipts were £66bn less than forecast, National Insurance contributions were £25.5bn lower than expected and welfare spending on those in work was £25bn higher than planned.
Meanwhile, the number of working people claiming housing benefit rose by more than 400,000 between May 2010 and May 2014, at a cost to the taxpayer of £1.4bn.
Labour says that, because less tax is being brought in and an increase in people in low-paid jobs is pushing up the welfare and the housing benefit bills, government borrowing is higher than expected.
The resulting £116.5bn bill is the equivalent of nearly £4,000 per taxpayer, it says.
The Labour leader will say: "The government's failure to build a recovery that works for everyday people and tackle the cost-of-living crisis isn't just bad for every person affected, it also hampers our ability to pay down the deficit."
'Building recovery'He will say David Cameron and George Osborne have missed "every single target they set themselves on clearing the deficit and balancing the books by the end of this parliament."
Mr Miliband accuses the prime minister of "squeezing the middle" while looking after "a privileged few at the top".
"The test this week for David Cameron and George Osborne is whether they recognise that Britain will only succeed and prosper for the long term by tackling the cost-of-living crisis and building a recovery which works for the many, not just for a few," he will add.
Ahead of his Autumn Statement, Chancellor George Osborne has already announced plans to give an extra £2bn a year to ease the pressure on frontline NHS services. On Monday, further details of infrastructure spending will be announced.
But he indicated that welfare spending could come under more pressure to help pay for his plans, which include £7bn in tax cuts, if the Conservatives win power next year.
"We have got to make tough decisions in our public expenditure, in our welfare budget, and that is how we can afford these things. Our plans involve spending reductions, they don't involve tax increases," he said.
"I think we should be making savings in welfare to spend money on economic infrastructure like roads and to sharpen work incentives, giving support to our working tax payers by increasing tax-free allowances," he said.
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