CNN: Analysis Shows Bidenflation Is Hitting Workers in Higher Prices, Lower Wages
President Biden’s reckless spending has caused prices to surge for working families and Main Street businesses. With prices at the grocery store and at the pump rising twice as fast as paychecks, families are falling behind.
CNN reports that inflation-adjusted compensation means that even workers who saw their paychecks increase in the last year saw a decrease in real compensation due to Bidenflation sending prices soaring.
“Companies big and small are raising wages to attract workers and hold onto employees as the economy revs back into gear. But those fatter paychecks aren’t going as far, thanks to rising inflation.”
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- Lower Wages: An analysis by Harvard University economics professor Jason Furman shows that worker compensation is 2 percent lower than it was in December 2019 when adjusted for inflation. Furman said, “the hot economy is heating prices more than it is heating wages.”
- Higher Prices: Consumer prices have risen every month since President Biden took office – the greatest increase in the past 13 years. These higher prices, due to inflation, disproportionately hurt the poor.
- Unfilled Jobs: With job openings at record highs and over 10 million jobs unfilled, President Biden is holding back our jobs recovery by forcing job creators to compete with the extended unemployment bonuses to pay Americans to get back to work.
- Tax Hikes: Things will only get worse as Democrats fight to hike taxes on the middle class and Main Street to pay for their runaway spending. New analysis from the Joint Committee on Taxation (JCT) shows that increasing the corporate tax burden would disproportionately harm U.S. workers, retirees, and small businesses, including 1.4 small business C corporations and 98 percent of Americans who earn less than $500,000.
The last thing Americans need as we come out of a pandemic are to be hit by higher taxes to pay for Democrats’ tax-and-spend agenda that make America less competitive, raise prices, slash paychecks, and drive jobs overseas.