A new report demonstrates just how badly rising prices from inflation are outpacing any wage gains experienced by American workers over the past year.
The Biden administration has repeatedly spun the economic numbers to try and convince the public that they are better off due to wage increases.
“For many Americans, wages are up this year,” the President said in remarks on the latest jobs report last month. “That’s good — we have to continue to keep wages growing. And we need even more high-paying jobs.”
“Even after accounting for rising prices, the typical American family has more money in their pockets than they did last year,” Biden said prior to that.
Even fact-checkers have scoffed at that statement, with Factcheck.org calling the claim “mostly malarkey.”
And now, a new report from the Urban Institute demonstrates just how false this claim is in reality.
— Samantha Bullock (@SamLBullock) March 22, 2022
Real Wages Not Keeping Pace With Inflation
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A post on the Urban Wire blog shows how wages aren’t even vaguely keeping pace with rising prices due to inflation – focusing on fuel prices and rent.
“For Americans, recent dramatic surges in gas prices and rent have increased the costs of daily life at a quicker rate than wages,” author Yonah Freemark writes.
Axios reported on the news and reproduced a chart from the Urban Institute that really outlines the true cost of inflation for the American people.
Wage increases are not keeping up with inflation
Wages rose 5% over the past year, while inflation increased by 7.9%, rents in metropolitan areas jumped by 15% and gas prices soared by 40%.https://t.co/1MX3dtTZaj
— Steven Greenhouse (@greenhousenyt) March 22, 2022
That is a brutal visualization that hammers home the reality of what is happening to budgets, paychecks, and wallets in homes all across this nation, regardless of how the Biden administration tries to spin it.
Under President Biden, inflation has soared to a 40-year high, while real wages have fallen. Inflation has outpaced wages every single month since he signed a $1.9 trillion spending bill into law.
That’s the reality facing voters every single day. Every time they fill their gas tank. Every time they purchase groceries.
Bidenflation is hitting real wages and costing American families $300 more every single month. But instead of offering real solutions, Biden is playing the blame game.
It’s time for him to step up and lead. American families can’t wait another second.
— Nikki Haley (@NikkiHaley) March 18, 2022
Bidenflation Affecting Minorities
In a remarkable revelation, the Urban Institute report notes that Bidenflation is battering minority communities at a higher rate, something that would have allowed the media to brand the President’s predecessor as a racist.
“Households with low incomes—who are disproportionately people of color—will likely be particularly affected by these changes,” Freemark writes.
— The Hill (@thehill) March 23, 2022
Oh, and pivoting to electric vehicles to save on skyrocketing gas prices as the Biden administration has advised? Maybe not quite as feasible as they’d like to think.
The Institute writes that while electric vehicles are gaining in popularity, “few Americans currently have them, and those who do are relatively wealthier on average.”
In other words, the White House can’t figure out why you poor plebeians can’t afford a pricy new vehicle as easily as they can.
Buttigieg says you don’t have to worry about gas prices if you buy an electric vehicle…someone should remind him how out of touch he sounds pic.twitter.com/tiJVkl7wB3
— Daily Caller (@DailyCaller) March 7, 2022
Real wages aren’t rising, but inflation is. And that’s on President Biden. This is the Great American Pay Cut.
Nobody in the administration is suffering from it. But Americans certainly are.