The United Auto Workers strike against the Big Three automakers is, at one level, about wages. The union wants a 40 percent hike in pay – mirroring the hikes in pay and bonuses given to chief executives.
While that labor action slowly unfolds, there’s the bigger story about wages across the labor force and whether they are keeping pace with inflation. The most recent government data show that, despite the pearl-clutching among some economic commentators about wage inflation, even with raises here and there, wages have failed to keep pace with rising prices for a third consecutive year.
According to The Wall Street Journal:
Americans’ inflation-adjusted median household income fell to $74,580 in 2022, declining 2.3% from the 2021 estimate of $76,330, the Census Bureau said. … The amount has dropped 4.7% since its peak in 2019.
The declines affected people in most parts of the country:
The Census Bureau, in its annual report card on the financial well-being of U.S. households, said median household incomes in 2022 dropped by 3% to 5% in the West, Northeast and Midwest, while the South was unchanged.
And as should be expected, these figures have real-world consequences for certain members of the political class:
The figures come as President Biden touts his economic policies amid dissatisfaction with his handling of the economy despite lower inflation and solid economic growth. Around three in five voters polled by The Wall Street Journal disapprove of Biden’s economic management, and 63% of voters don’t like how he has handled inflation.
Which is another way of saying that “Bidenomics” isn’t just a messaging flop; it’s done little for people living paycheck to paycheck. Not that “Bidenomics” was about raising wages or otherwise improving economic conditions for everyone as much as it was delivering benefits for select segments of the president’s base.
Though, to be fair, it has done wonders for the legions of corporations looking for whatever welfare payments (in the form of tax breaks and taxpayer subsidies) they can get.
The opinions expressed in this article are those of the author and do not necessarily reflect the positions of American Liberty News.
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biden needs to resign………period
Real
DeBiden America
Debt Nation #1
biden’s F*#K you nomics at work!
“Biden’s Economic Plans Leaving US Households Increasingly Destitute”
Is THAT why the UAW is insisting on FORTY PERCENT RAISES, annual bumps, a shorter workweek and everything else???
WHAT ABOUT THE REST OF US, JERK BIDEN????
Biden is starting to look forward to the day when he pardons himself and his son, then resigns.
That day ain’t very far off now.
“wages have failed to keep pace with rising prices for a third consecutive year” or more likely bidenomics inflation exceeded wages.