Yes, the economy is improving. And yes, inflation is down. But what is also down under Biden is what Reagan used to call “real after-tax take-home pay.”
Our CTUP senior fellow E.J. Antoni has been crunching the latest numbers from the BLS and he finds that workers in the bottom half of incomes still haven’t caught up to inflation. There are a record number of Americans working multiple jobs and 60% of them are still living paycheck to paycheck, unable to afford what they could buy just 3 years ago.
And the media, the Biden economics team, and the Washington talking heads still can’t understand why everyone is so negative about Bidenomics.
Here’s why: real median earnings are still in the red.