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Reality Check: Bidenomics Is A Bust

The spin out of the White House this week is that Bidenomics has been a rousing success.

Thankfully, our CTUP senior fellow EJ Antoni keeps hitting it out of the park debunking Biden’s economic fabrications. His latest myth-busting pertains to the wages and salaries of middle-class Americans.

Sorry, Joe, but no, they aren’t rising. Biden’s tall tales about wage growth are at best half-truths. The White House is quick to point out that nominal hourly earnings have risen quickly since he took office, and that part of the story is true. But as in the 1970s, when families got financially crushed, prices have risen even faster, so those larger incomes buy less. The chart below compares earnings for workers before and after inflation.

Hours worked per week have also declined, pushing weekly earnings down more than hourly earnings. For the average American family, their weekly pay has jumped about $200 but it buys about $100 less. It amounts to a $5,600 loss in annual purchasing power.

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