President Biden’s economic agenda has boosted wages, but millions of American workers are still being left behind as inflation has more than wiped out salary gains.
U.S. wages grew at a 4% year-over-year pace in July, but trailed the 5.4% annual increase in inflation, as measured by the consumer price index, suggesting that while nominal wages are rising, real wages are falling.
“Call it the ‘Biden pay cut,’” said Alfredo Ortiz, CEO of the Job Creators Network, a conservative U.S. advocacy group. “Rapid inflation and declining real wages are the direct result of the Biden administration’s historic spending that is overheating the economy and creating disincentives to work.”
Biden has long touted his “Build Back Better” economic agenda which aims to create jobs, cut taxes and lower costs for working families.
Instead, Biden’s economic agenda plan stalled job growth, raised taxes in the form of higher gasoline prices and has eaten into the wage gains won by American families.