USA Updates Real wages fell by about 3% due to inflation. The Daily Wire TOU

USA Updates  Real wages fell by about 3% due to inflation.  The Daily Wire

 TOU

USA Updates Real wages fell by about 3% due to inflation. The Daily Wire

TOU

Real wages for Americans have declined by about 3% amid spiraling inflation out of control.

As one of President Barack Obama’s top economists, Jason Furman at Harvard University, wrote in a wall, “inflation rose 8.5% in the year ending last month, while nominal wages rose only 5.6%, with inflation-adjusted wages up 2.7%.” declined.” street journal article,

“This ‘warm economy’ presents a serious challenge to the thesis that tighter labor markets raise real wages. The idea has never been as popular among academic economists as it has among policymakers in Washington. A hot economy.” Certainly better than a cold economy, but the cost of a warm economy may be higher than policymakers appreciate,” he wrote.

Earlier this week, the Labor Department announced the Consumer Price Index (CPI), which measures how much Americans pay for everyday items like food and gas, rose to the highest level in 41 years. According to the data released on Tuesday, the CPI has grown by 8.5 per cent compared to a year ago. Excluding food and energy, the CPI still increased by 6.5%.

This kind of rising inflation hasn’t been seen since the late 1970s, when Jimmy Carter was president, and the early ’80s after Ronald Reagan took office.

“Price rise came from many of the usual criminals,” CNBC informed of, “Food rose 1% for the month and 8.8% over the year. Energy prices rose 11% and 32%, respectively,” while “shelter costs, which account for about one-third of the CPI load, increased by 11% for the month. and increased 0.5%, increasing the 12-month profit by 5%.”

The White House has repeatedly called for the president to distance himself from rising inflation, even coining a new term “Putin’s rise in prices”. For example, on Biden’s official schedule for Tuesday, the White House said he would give a speech on the administration’s efforts to “mitigating the impact of Putin’s price hike.”

But for the record, here’s how much inflation has risen each month since Biden took office (he was inaugurated on January 20, 2021), consumer price index data provided by the U.S. Department of Labor’s Bureau of Labor. was compiled using labor statistics,

  • January 2021 – 1.4%
  • February – 1.7%
  • March – 2.6%
  • April – 4.2%
  • May – 5.0%
  • June – 5.4%
  • July – 5.4%
  • August – 5.3%
  • September – 5.4%
  • October – 6.2%
  • November – 6.8%
  • December – 7.0%
  • January 2022 – 7.5%
  • February – 7.9%
  • March – 8.5%

For the record, Russian President Vladimir Putin invaded Ukraine on February 24, 2022.

When Biden took office, a gallon of regular gasoline was $2.33, according to AAA. The average price for a gallon of gasoline is now $4.10, up 43% from a year ago.

Consumers see price hikes at grocery stores every day. “Costs of meat, poultry, fish and eggs up 13% since February 2021,” CNBC informed of, “In that time the price of fresh fruits has increased by 10.6 per cent, while the price of vegetables has remained more stable, increasing by only 4.3 per cent. The price of pre-packaged cereals and baked goods has increased by 7.7%.

Joseph Curl has covered politics for 35 years, including 12 years as a White House correspondent, and ran the Druze Report from 2010 to 2015. Send suggestions to [email protected] and follow them on Twitter @josephcurl.

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