06.28.2023 0

Bidenomics’ Real Wage Disaster Is Leaving American Households Behind

President Biden Delivers a Major Address on “Bidenomics”

‘Bidenomics’ are leaving Americans behind with permanently higher prices, interest rates and a lower standard of living

In Jan. 2021, average weekly earnings were growing at 7.36 percent annualized, dropping to 4.55 percent in June 2021 as millions more reentered the labor force and staying down there at 4.8 percent by June 2022. Even now, as annualized inflation has slowed down to 4 percent currently, so too have wages, to 3.3 percent growth over the past twelve months. Simply put, under “Bidenomics,”—a phrase the White House is actually touting—the American people are falling behind, even as Jean-Pierre tried to say they were not: “what we have seen, even before the pandemic, is we’ve seen Americans and American families being left behind.” But during the later Obama and Trump years, for the most part, nominal incomes were growing faster than prices. Now, it’s the opposite.

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