Biden’s Economy: Americans Have Had 24 Months Of An Effective Pay Cut, Continual Inflation Hurting Americans
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Joe Biden’s economy has been a disaster for Americans.
They have had 24 straight months of an executive paycut due to inflation.
American workers have effectively taken a pay cut for 24 straight months as inflation consistently outpaces wage growth on President Biden’s watch, according to federal data.
Real average hourly earnings — a measure of wages after adjustments for inflation — have declined year-over-year for every month dating back to April 2021 — just a few months after Biden took office, according to data from the Bureau of Labor Statistics.
House Speaker Kevin McCarthy (R-Calif.) highlighted the alarming trend in a speech at the New York Stock Exchange on Monday — arguing the Biden administration of “reckless spending” that has exacerbated the economic toll on US households.
“Americans have received a pay cut for 24 consecutive months — the longest streak in American history — as inflation has persisted,” McCarthy said in the speech.
Only 5% of Americans say that their income is outpacing inflation.
Continual inflation has hurt Americans, with roughly two-thirds of them reporting their wages cannot keep up, according to the most recent CNBC All-America Economic Survey.
Only 5% of Americans say their household income is outpacing inflation, with 67% stating it is falling behind and 26% saying it is keeping up, according to CNBC. The vast majority of the public is adjusting their spending habits and lifestyles due to inflation, with 81% saying they are taking measures like reducing entertainment spending and travel or dipping into savings to cover expenses.
Inflation disproportionately impacted working-class Americans, with 51% saying they are working more in order to get by, according to CNBC. Three-quarters of them report they are reducing entertainment and eating out less.
54% of Americans across the board said that the increase in food costs damaged them the most, according to CNBC.
Complete disaster!
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