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Biden Economy: Out Of Control Inflation Has Wiped Out American Wage Gains, Pay Raises

Wages for Americans are actually declining when accounting factoring in raging inflation

From FoxBusiness.com…

The tightest labor market in years is fueling rapid wage gains for most workers – the only problem is that red-hot inflation is quickly eroding those increases.

The Labor Department reported on Friday that average hourly earnings for all employees actually declined 1.7% in January from the same month a year ago when factoring in the impact of rising consumer prices. On a monthly basis, average hourly earnings increased by just 0.1% in January, when factoring in the 0.6% inflation spike.

By that measure, the typical U.S. worker is actually worse off today than they were a year ago, even though nominal wages are rising at the fastest pace in years. That’s because inflation is also surging: The government reported Thursday morning that the consumer price index (CPI) rose 7.5% in January from a year ago, marking the fastest increase since February 1982, when inflation hit 7.6%.

The CPI – which measures a bevy of goods ranging from gasoline and health care to groceries and rents – jumped 0.6% in the one-month period from December.

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