Wages are now up more than prices since Biden came into office. Wages shot up in 2020 under Trump leading to inflation in 2021 making it look like it was a Biden administration issue and the public was happy to blame him. No longer though: It’s official: America’s real wages are up under Biden-Harris (thehill.com) With inflation easing, the wages of working-class Americans are finally moving into the plus column. Average hourly pay for production and nonsupervisory workers — who make up four-fifths of employees — hit $30.27 in August, according to the latest report from the Bureau of Labor Statistics. According to my organization’s analysis, working-class Americans’ wages, adjusted for inflation, have just edged higher than they were on Election Day, 2020. The average working-class American can now answer “Yes” to the question, “Are you better off now than you were under Donald Trump?” That’s obviously important for political symbolism. But the milestone for real wages also explains a lot about why Americans have felt so badly oppressed by inflation up to now. The price of food and housing matters, but they matter more if price increases exceed wage gains. Part of the reason President Biden’s campaign was fighting an economic headwind was the drop in average real wages in 2021 and 2022 due to the burst of inflation. No wonder voters didn’t trust Biden on the economy, despite the low unemployment rate and strong GDP growth.
I finding it truly hilarious that people disagree with the figures that were posted. Figures don't lie, but liars figure. The numbers are the numbers, and real wages have been close to keeping up and/or surpassing inflation for a while now. And with current inflation at 2.5% and falling, it was only a matter of time before real wages began to rise again.
Trump inherited a booming Obama economy, took credit for it, and then proceeded to drive it into the ground. Those increases in taxes you’re seeing now? All Trump and his crappy tax policy he passed, but don’t tell MAGA that. Business genius, baby!
It's night and day for me. My income damn near doubled under Biden, but he likely had nothing to do with it. We got a huge influx of work during COVID due to people using more bandwidth than ever. It's starting to come down now unfortunately.
I’m way better off now than under trump. For this reason mostly. But i too credit @channingcrowderhungry
You've already gotten it back in wage growth and stock market growth. Thanks, Biden! Also, you've done WAY better, comparatively, than if you were in any other industrialized nation during the expected period of post-covid inflation. Thanks again, Joe!
or China will send him a check, right after they send the USA a check for the tariffs like the orange god said they would.
Will some of you democrat geniuses please explain how people are better off? Prices have been going up for four years now and inflation is still running much higher than the target rate as a percentage. The largest of the price increases was from late 2021 to mid 2023. The latest round of wage increases has finally caught up/mildly surpassed the 21-24 inflation, and you want to say people are better off? Even assuming from here forward that prices and wages stay in equilibrium(which they currently are not), how do people recoup all the buying power that was lost from 2021 through 3Q 2024?
While prices have been going up, so have wages. And the numbers for August was 2.5% inflation and 4 3% wage increase on average. Things are more pricey, but the average person has more income to make up for it. There have been indications of this happening. For example, several record travel days this summer. People, in general, don't travel during the holidays unless they can afford it. The numbers don't lie. Wages, on average, have grown faster than inflation.
