Degrading Our Wealth

Steven Schuler

Over the last year, the inflation rate of 8.3% is outpacing the wage increases of 5.4%, and that's been the case for virtually every month that Biden has been in office. By contrast, The Wall Street Journal reports that wages outpaced inflation every year that Trump was in office.

So consider family incomes. Under Trump, median household incomes rose by about $6,000. And that wasn't for the rich. Working-class people saw those giant gains in living standards and purchasing power. Under Biden, we don't have the census numbers yet, but based on the wage and inflation numbers, it is likely that the typical middle-class family has lost somewhere between $2,000 and $4,000. And this is supposed to be a recovery

Posted by: Timothy Birdnow at 12:12 PM | Comments (3) | Add Comment
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