Data from the U.S. Bureau of Labor Statistics (BLS) shows Americans’ real weekly wages fell sharply in April and remain well below where they were when President Joe Biden took office.
Real average weekly earnings fell to $1,191.93 in April, down 0.4% over the month and 4.8% compared to the start of Biden’s term in January 2021. according to Data calculated by Daily Caller News Foundation from BLS.the price is woke up It has increased by more than 19% since Biden first took office and was at 3.4% last year, devaluing Americans’ wages. (Related: Fed retracts Biden’s claim that corporate greed causes inflation)
The decline in revenue was also due in part to a decline in average weekly working hours. fell From 34.9 in January 2021 to 34.2 in April 2021, according to To BLS.
Real wages have been declining due to continued high inflation under the Biden administration, peaking at 9% in June 2022 before falling to 3.4% year-on-year in April.
Average hours worked per week are falling as employers rely on shorter hours and shifts to part-time work to offset rising costs and the economic downturn. Gross domestic product in the first quarter of 2024 was only 1.6%, indicating a significant slowdown in U.S. economic growth.
Average hourly wages rose again in April, but fell in real terms as inflation outpaced wage growth. Here you can see how wages have skyrocketed since January 2021, but have fallen significantly after adjusting for inflation. You get a raise, but you get less. pic.twitter.com/XtyTxvsFhm
— Dr. EJ Antoni (@RealEJAntoni) May 15, 2024
Biden repeatedly claims he has brought inflation under control, but this is false. tell CNN and Yahoo Finance reported that inflation was 9% when he took office, when it was actually around 1.4%. Shortly after this claim, Biden falsely claimed that “wages for jobs exceed the rate of inflation they are paying.”
The president too was popular On Wednesday, it announced that “inflation has fallen more than 60% from its peak.” Although inflation has slowed by about 62% from its peak, it has not declined and remains below the Federal Reserve’s target range of 2%.
The number of people in part-time work because of poor business conditions or only part-time work available rose by 161,000 in April compared to the previous month. according to To BLS. Part-time employment rose by about 1 million people in April compared to a year earlier, but full-time employment fell by 557,000 over the same period.
As costs rise and wages decline, the cumulative amount Americans are saving is increasing. I refused The total in recent months was just $671 billion in March, compared to more than $1 trillion a year ago. Credit card delinquencies greater than 90 days have also increased significantly over the past few quarters as Americans look for ways to finance themselves through increased expenses and decreased income.
Some economists fear that sustained inflation and low growth are leading the economy into an era of stagflation, which began in the 1970s and 1980s with a decline in consumer wages and purchasing power. It was a big blow.
Biden has also repeatedly argued that inflation is fueled by “corporate greed,” as companies raise prices to squeeze consumers. The San Francisco Fed disproved this claim, noting that corporate price increases are closely tied to other economic recoveries following the coronavirus pandemic.
Sustained inflation is a major issue for Biden’s 2024 presidential re-election bid, with 80% of voters ranking inflation among their top three economic stressors, according to a survey by the Financial Times and the University of Michigan’s Ross School of Business. The answer is that it is one of the About 49% of those surveyed believe Biden’s policies are having a negative impact on the economy.
The White House did not immediately respond to a request for comment from DCNF.
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