Call it a “Biden pay cut.” Americans’ real wages are falling under President Joe Biden.
On Wednesday, the Labor Department announced that inflation rose by 5.4 percent over the previous year — the fastest pace (tied with last month) since 2008.
Last Friday, it revealed that average wages only rose by 4 percent over the same timeframe. These numbers confirm what Americans already know: Their living standards are declining under President Biden as inflation swamps wage gains.
The Federal Reserve and Biden administration have tried to gaslight Americans by downplaying inflation and calling it transitory. Yet consumers and small businesses in the real world are feeling its full effects.
Gas prices have increased by approximately 50 percent since Biden was elected. Major companies, including Procter & Gamble, Coca-Cola, Kimberly-Clark, General Mills, and Unilever, have announced price increases.
The CEO of Tyson Foods, the nation’s largest chicken producer, said on a recent earnings call that costs are rising faster than the company’s ability to raise prices. Half of second-quarter nominal GDP growth is phantom inflation gains. According to the Job Creators Network Foundation Monthly Monitor poll, inflation is the biggest concern of small businesses.
