Analysis: Biden’s Inflation Eating Away At American’s Wages
The American Lookout Headlines homepage has 60 new headlines every 24 hours - click here to see it.
The Democrats and media want you to believe that Bidenomics is working, a recent analysis tells a different story.
A recent daily caller analysis found that Bide’s inflation is eating up American’s wages.
Average Hourly Earnings Jan 2021: $29.93
Average Hourly Earnings Jan 2024 (when adjusted for inflation): $29.29
Daily Caller Foundation reported:
Price increases from inflation have created the largest gap since President Joe Biden took office for the amount Americans’ wages have increased compared to how much inflation has cost, according to data from the Bureau of Labor Statistics (BLS) analyzed by the Daily Caller News Foundation.
Average hourly earnings have increased moderately from $29.93 per hour in January 2021 to $34.55 per hour in January 2024, but when adjusted for inflation since the beginning of Biden’s term, average wages are comparatively only $29.29 per hour, equating to a difference of $5.26 per hour, according to data from the BLS. Inflation has risen rapidly under Biden, with prices increasing a total of 18% since the president took office in January 2021.
“The inflation tax has crushed American consumers,” E.J. Antoni, a research fellow at the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, told the DCNF. “Put simply, families are paying more but getting less. Businesses are in the same position, paying more for all of their inputs as well. The beneficiary is the government. Everyone should think of these higher prices as a tax paid to the Treasury. Inflation is a transfer of wealth from the people to the government, and there’s no better definition of a tax than that.”
The situation becomes even more dire for struggling Americans when the number of hours employees are working is considered, with the average number of hours worked per week dropping from 34.9 in January 2021 to 34.1 in January 2024. Employers are resorting to cutting hours and adding part-time jobs as costs for business rise, resulting in Americans earning less per week.
