(RoyalPatriot.com )- President Joe Biden’s disastrous handling of the U.S. economy has caused inflation to rise so badly that America’s workers were effectively given a wage cut in January.
On Friday, the Labor Department reported how average hourly earnings for all employees declined by 1.7% in January compared to just one month before. The federal government department came to that conclusion by factoring in rising consumer prices. January saw an average hourly earnings increase of only 0.1% in January, which was counteracted by a 0.6% spike in inflation.
It means that no matter how hard President Joe Biden pushes for a $15 minimum wage, it doesn’t really mean much because Americans are being forced to pay more for food, consumer goods, and fuel.
U.S. workers are worse off now than they were a year ago, even though the United States was still in the midst of the pandemic, with more deadly variants of the virus spreading across the country at the time.
The federal government was also forced to admit on Thursday that the consumer price index rose 7.5% in January compared to the same month in 2021. That’s the biggest and fastest rise in consumer prices since February 1982, when inflation reached 7.6%.
Remember when Biden said he would shut down the virus, not the economy?
He was wrong.
In a press release, the Biden White House said that forecasters believe the inflation will ease substantially by the end of the year.
“And fortunately we saw positive real wage growth last month, and moderation in auto prices, which have made up about a quarter of headline inflation over the last year,” the release said.
Well, the wage growth isn’t fast or big enough. What is Biden going to do about it?
