BIDEN ECONOMY: Americans See Most Severe Pay Cut in 25 Years Under Biden
Americans are seeing the worst pay cut in 25 years under Biden.
The New York Post reported on real wage destruction under Biden:
Americans battered by soaring inflation since President Biden took office have effectively suffered the steepest pay cut in a quarter-century, according to data released by the Federal Reserve.
Researchers for the Federal Reserve Bank of Dallas published new findings that calculated “real wages” — the effective income of workers when adjusted for inflation.
“We find that a majority of employed workers’ real (inflation-adjusted) wages have failed to keep up with inflation in the past year,” the researchers said. “For these workers, the median decline in real wages is a little more than 8.5%.”
“Taken together, these outcomes appear to be the most severe faced by employed workers over the past 25 years,” the researchers added.
Higher inflation can quickly erode the purchasing power of Americans if wage growth doesn’t match the increases. That means households face a difficult financial crunch when attempting to pay for daily necessities such as food, rent and gas.
This is consistent with what was reported in September where the average American needed an annual wage increase of $11,500 to keep up with Biden’s inflation.
The numbers are not fantasy or make-believe. Ask any American how much it costs to dine out.
[Last week I purchased two coffees and breakfast sandwiches at a restaurant for $29. The price of these might have been half that amount a year ago.]
Young parents are seeing inflation affect their family finances in food and gas.
The Biden economy is so bad that it appears to be this messed up on purpose. Prices of goods and services are way up.
Inflation is killing family finances.
The stock market is way down. Bonds are worse.
Biden’s economy is a mess and getting worse.
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