Inflation has been at or above 5% for 20 straight months according to newly released Consumer Price Index data.
Remember how Biden’s “Recovery Act” with its $1.9 trillion tab was going to stimulate the economy? Well to quote the lovable Emily Litella:
In reality, real wages have fallen nearly every month since that debt bomb bill passed.
Inflation has mercifully fallen from 9% last summer to 6.5% now. But food and energy – goods Americans need to buy – are up 10.4% and nearly 20% respectively. Even if inflation continues to fall – as we expect – the damage to families has already been done.
The chart below based on the latest government stats show real wages have been negative ever since Biden passed his $1.9 trillion stimulus, 21 months ago. Notice that under Trump and the three months before Biden came into office, wages were rising by 4%.