Here’s a classic Biden half-truth. “Real worker wages are rising again.” There is a scintilla of truth to this. For the first time in the 30 months of the Biden presidency, the real weekly earnings of workers slightly outpaced inflation. Bravo.
For the previous 29 months, real weekly wages FELL by a lot. Our best estimate is roughly over $4,000 in real LOSSES in income per family.
The chart below compares the trend of weekly earnings and the inflation rate under Trump, versus the trend under Biden. Under Trump, warnings consistently rose above the inflation of prices, while under Biden we’ve seen the opposite. Usually in a recovery — with COVID ending by mid-2021 — you would see a boom.
Where is it?