Since Democrat President Joe Biden took office in January 2021, the real wages of Americans have fallen drastically.
According to the Bureau of Labor Statistics, the real average hourly wages of American workers fell by 3.8% from January 2021 to November 2022.
The Bureau of Labor Statistics also found that real weekly wages have fallen even further due to a decrease in the average workweek. From January 2021 to November 2022, the real average weekly wages of Americans fell by 5.4%.
The effective cuts Americans are experiencing are a result of the record-breaking inflation crisis that originated under Democrat President Joe Biden. While inflation peaked in June 2022 as prices had increased by 9.1% from the year before – which is the fastest rate prices have risen in over 40 years – prices have continued to rise since.
Last month alone, prices rose an additional 0.1%. Over the last year, prices have risen by 7.1%. which is still far higher than the Federal Reserve’s target of 2 percent.
In order to bring inflation down to the 2 percent target, the Federal Open Market Committee (FOMC) announced this week that it is raising interest rates by half a percentage point, which will blunt economic growth and further harm American workers.
As Federal Reserve Chairman Jerome Powell explained over the summer, bringing down inflation is “highly likely” to cause pain to Americans.
“We are committed to and will succeed in getting inflation down to two percent,” Powell said. “The process is likely, highly likely to involve some pain, but the worst pain would be from failing to address this high inflation and allowing it to become persistent.”
