This week the White House is trotting out all kinds of bragging about “Bidenomics.” But the Committee To Unleash Prosperity rightly points out the truth about the wages and salaries of middle-class Americans.
They write:
Sorry, Joe, but no, they aren’t rising. Biden’s tall tales about wage growth are at best half-truths. The White House is quick to point out that nominal hourly earnings have risen quickly since he took office, and that part of the story is true. But as in the 1970s, when families got financially crushed, prices have risen even faster, so those larger incomes buy less. The chart below compares earnings for workers before and after inflation.
Hours worked per week have also declined, pushing weekly earnings down more than hourly earnings. For the average American family, their weekly pay has jumped about $200 but it buys about $100 less. It amounts to a $5,600 loss in annual purchasing power.
The bottom line is this: ‘Bidenflation’ has risen much faster than worker pay, which has translated into a $5,600 DECLINE in average family incomes in just 30 months.
Families are stretching their dollars further each day. CNBC reported a shocking 54% of Americans reported using savings to pay for everyday expenses such as groceries and rent. Savings are down and economic confidence is down.
Americans aren’t buying the gaslighting from the Biden White House about his failed “Bidenomics.” According to a recent CNN poll conducted by SSRS, 66% of Americans disapprove of how Biden’s handled the economy, with 76% describing the economy as in poor shape.
Reforms like reducing general business regulations, lowering government spending, and unleashing more U.S. energy production will help pull us out of the economic quagmire.