As The Wall Street Journal recently reported “…vast numbers of Americans find their cost of living is rising faster than the income they’re bringing home,” under the Biden administration.
Well The Dallas Fed just issued a report showing that, rather shockingly, a majority of employed workers’ real (inflation-adjusted) wages have failed to keep up with inflation in the past year.
For these workers, The Dallas Fed finds that the median decline in real wages is a little more than 8.5 percent…
All individuals to the left of the dashed line experienced wage growth that was less than the CPI inflation rate – that is 53.4% of all Americans.
And, taken together, these outcomes appear to be the most severe faced by employed workers over the past 25 years…
While this is all Putin’s fault – or price-gouging retail gas station owners – we do note The Dallas Fed researchers conclusion perhaps explains why the Democrats face an uphill battle into the Midterms… “While the past 25 years have witnessed episodes that show either a greater incidence or larger magnitude of real wage declines, the current time period is unparalleled in terms of the challenge employed workers face.”