New inflation numbers released Wednesday morning show that not only are Americans paying significantly more money for basic and necessary items, but their paychecks are getting eaten away.
According to the Department of Labor, inflation has caused a 3.6 percent decline in pay over the past year.
Workers are experiencing the biggest decline in years in inflation-adjusted pay.
— Heather Long (@byHeatherLong) July 13, 2022
Wages are up 5.1% in past year. Inflation is up 9.1%.
The Labor Department calculates that workers had a -3.6% inflation-adjusted decline in pay in the past year (that's seasonally adjusted). pic.twitter.com/yM0cd7sHbn
The decline in real average hourly earnings at this point is terrible, the fastest pace of decline in 40 years. pic.twitter.com/92rKJFtQRD
— Jason Furman (@jasonfurman) July 13, 2022
Inflation continues to hit hard:
— Heather Long (@byHeatherLong) July 13, 2022
Groceries: up 12% in past year -->Biggest annual increase since 1979
Chicken: Up 19% in past year-->Biggest increase ever
Gas up 60%-->Biggest since 1981
Electricity: Up 14% -->Biggest since 2006
Rent: Up 5.8% -->Biggest since 1986
On the 2020 campaign trail Biden promised not to raise taxes on any American making less than $400,000 per year. His big government spending agenda and economic policies have raised prices for every American. Biden's policies have also destroyed retirement savings and eaten away paychecks.
Biden's runaway inflation is a tax on the poor and middle class
— Comfortably Smug (@ComfortablySmug) July 13, 2022
And Biden doesn't even care
He spent a year lying to Americans saying inflation didn't exist, then it was transitory, then it was actually good, now inflation is the fault of businesses struggling to survive
Lies https://t.co/Gk7jZTp1Ho