Don't Buy The Spin: Americans Are Getting Poorer While Prices Keep Going Up
Will Kessler
Americans’ real weekly earnings dropped sharply in April and still remain well below their level when President Joe Biden first took office, according to data from the Bureau of Labor Statistics (BLS).
Real average weekly earnings fell to $1,191.93 in April, declining by 0.4% in the month and 4.8% compared to the start of Biden’s term in January 2021, according to data calculated by the Daily Caller News Foundation from the BLS. Prices have risen over 19% since Biden first took office and 3.4% in the last year, degrading the value of Americans’ wages. (RELATED: Fed Bank Quashes Biden’s Claim That Corporate Greed Is To Blame For Inflation)
The decline in earnings is also due in part to a decrease in the average number of weekly hours worked, which fell from 34.9 in January 2021 to 34.2 in April, according to the BLS.
Real wages have been degraded due to persistently high inflation under Biden, which was measured in April at 3.4% year-over-year after peaking at 9% in June 2022.
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https://dailycaller.com/2024/05/15/americans-getting-poorer-prices-going-up/
