Democrats, including President Joe Biden and members of his administration, are far too quick to tout pay increases across the board, among other attempts to put lipstick on a big, fat pig.
However, as The Daily Wire pointed out, what they’re not acknowledging is the fact that inflation, which has hit a 40-year high under President Biden, quickly erases the benefits of any wage increases and extra money that average Americans might have, as the cost of everyday goods continues to soar.
Ironically, the argument can easily be made that employers are increasing pay not only because of inflation but because employers are desperate to compel people to come back to work, which was a problem created, in part, by the Biden administration’s perpetual handouts of free money over the course of the last year.
A recent Willis Towers Watson survey told quite a story about the current state of employment and pay increases expected in 2022. Overall, employers expect to bump pay across the board in 2022 alone some 3.4%.
But with inflation at 7% and likely rising, even with higher pay, American workers are on the losing end, as they’re forced to shell out much more money for the common goods and services they need to survive.
Taking that simple math into consideration, the Bureau of Labor Statistics (BLS) reported that “real average hourly earnings,” essentially over the course of Biden’s first year in office, have actually decreased 2.4%.
In a recent interview with CNBC, Bankrate chief financial analyst Greg McBride summed up what’s currently happening in America, and what will likely continue to happen under Biden’s failed presidency.
“In what was the best year for wage growth that we have seen in many, many years, it still comes up as a loss for many households,” McBride explained. “Their expenses increased even faster and chewed up all of the benefit of whatever pay raise they had seen.”
The White House is trying — so hard — to make it appear as if everything is going swimmingly, but it’s not. It’s worse than it’s ever been in modern U.S. history, and sadly, it will only continue to worsen as the Biden admin continues their train derailment of the American dream.