Americans are suffering the biggest pay cut in decades thanks to inflation in Joe Biden’s America, according to recent data.
Americans are suffering the biggest pay cut in decades thanks to inflation in President Joe Biden’s America, according to recent data.for most workers over the past 12 months. Even though nominal wages are rising rapidly, prices are rising even faster.We find that a majority of employed workers’ real wages have failed to keep up with inflation in the past year. For these workers, the median decline in real wages is a little more than 8.5 percent.
How severe are the losses for workers experiencing negative real wage growth? For the 53.4 percent of such workers in second quarter 2022, the median decline in real wage growth was 8.6 percent. How does the severity of the real wage decline in second quarter 2022 compare with the declines over the last 25 years? The average median decline over the last 25 years is 6.5 percent, with real wage declines typically falling in the range of 5.7 to 6.8 percent.
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