While Biden is actively working to make inflation worse, American workers’ wages are on the decline.
Federal data revealed that the average American’s wages are declining due to inflation under President Biden.
The Bureau of Labor Statistics discovered that “average hourly earnings” rose from $29.35 in June 2020 to $30.40 in June 2021, increasing by 3.6%. But when factoring in inflation, “real average hourly earnings” have decreased by 1.7% over the past year.
The Consumer Price Index, which measures inflation, has gone up 5.3% since June 2020, and from January and June this year, the inflation rate almost quadrupled from 1.4% to 5.3%.
💯 correct. Inflation is a tax on everyone. But it disproportionately hurts the middle class & those on fixed incomes…like our seniors.@JoeBiden owns this. https://t.co/GUezCW8KpS
— Sean Parnell (@SeanParnellUSA) July 28, 2021
Even with inflation, the Federal Reserve has declined to increase its almost-zero interest rate target or taper its $120 billion monthly asset purchases. Both factors increase the supply of the dollar within the economy.
As the economy suffers from Biden’s excessive spending, the president is making the situation even worse by refusing to stop. Democrats—the party that’s always claimed to fight for the under-privileged—is putting unnecessary hurt on the middle and working classes of America.
The only way to reduce inflation and improve our nation’s economy is to elect conservative leaders with smart and effective economic strategies. As WalletHub recently proved, Republican states have boasted an overwhelming amount of job growth compared to Democratic states.