The average hourly wage in America dropped by 1% in June, as if this wasn’t enough proof that the Biden economic system isn’t working.
According to the Bureau of Labor Statistics (BLS), hourly earnings increased 0.3% for all employees, while the Consumer Price Index for All Urban Consumers rose 1.3%. This causes an hourly decrease of 1% in real earnings.
This applies to all employees but is slightly more so if production and nonsupervisory employees are separated.
According to the BLS press release “Real hourly earnings of nonsupervisory or production employees decreased 1.1 between May, and June, seasonally adjusted.” This is due to an increase of 0.5 percent in hourly earnings and a 1.5% increase in the Consumer Price Index, (CPI), for Urban Wage Earners and Clerical Workers.
While a decrease of 1% may seem minor, when you look at the numbers for June 2021, you will see that there has been an increase in employees overall and a decline in production workers.
In the last year, Americans also saw a 0.9% decrease in their work hours. This results in a 4.4% decrease in weekly real earnings for all employees and a 3.9% decline in production and nonsupervisory employees.
Let’s not pretend that you’re a math genius. The truth is, the United States has less money than it used to.
Let’s see how the latest numbers compare to those we saw in Trump’s years.
Compare this to median household income under Trump—only THREE years ago.
— Hammerjack (@Hammerjack90) July 13, 2022
This chart comes from Federal Reserve Economic Data (FRED). This chart only covers the fourth quarter of 2021. You can still see that the median weekly real earnings increased under Trump, up until the COVID-19 pandemic and then continued to decline during his tenure.
Many people have wondered when and if the Biden Administration would address America’s declining purchasing power. A Biden Administration official suggested a predictable solution to a Democrat: Increase federal spending!
CNBC talked with Brian Deese, White House Director for National Economic Council, about Uncle Sam’s need to spend more taxpayer money.
— Tom Elliott (@tomselliott) July 13, 2022
Deese stated in a statement that inflation is still too high and that action was needed.
Even though I’m not an economist spending money by the government on semiconductors is not the best way to fix a bad economy.
Or as Doug P. put it over at our sister site Twitchy, “Simply amazing! There’s no problem that can’t be solved with more spending — even when it comes to problems that were caused by too much spending.”
Democrats think that there’s no problem that they can’t solve with more spending, so we shouldn’t be surprised that this White House wants to spend America’s way out of this economic mess. It’s all the more reason to vote them out as quickly as we can.