excalibur
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- Mar 19, 2015
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How to ruin a good thing: By Joe Biden.
...
Average hourly earnings technically increased from $29.35 in June 2020 to $30.40 last month, according to the U.S. Bureau of Labor Statistics.
But real average hourly earnings decreased by 1.7 percent over the same time period, thanks largely to the consumer price index — which measures the price of consumer items — rising 5.4 percent.
With the 1.7 percent real earnings drop, those earning $50,000 annually effectively lose $850 to inflation.
And it’s looking worse: While average hourly earnings rose by 0.3 percent from May to June of this year, according to the statistics bureau, the CPI also rose by 0.9 percent.
Mixing wages and inflation in its pot of economic numbers, the bureau spit out this sobering figure: Real average hourly earnings dropped by 0.5 percent in one month, between mid-May and mid-June.
Multiply that 0.5 percent by the number of months in a year, and you’ll see your paycheck evaporate at an annual rate of 6 percent.
...
Average hourly earnings technically increased from $29.35 in June 2020 to $30.40 last month, according to the U.S. Bureau of Labor Statistics.
But real average hourly earnings decreased by 1.7 percent over the same time period, thanks largely to the consumer price index — which measures the price of consumer items — rising 5.4 percent.
With the 1.7 percent real earnings drop, those earning $50,000 annually effectively lose $850 to inflation.
And it’s looking worse: While average hourly earnings rose by 0.3 percent from May to June of this year, according to the statistics bureau, the CPI also rose by 0.9 percent.
Mixing wages and inflation in its pot of economic numbers, the bureau spit out this sobering figure: Real average hourly earnings dropped by 0.5 percent in one month, between mid-May and mid-June.
Multiply that 0.5 percent by the number of months in a year, and you’ll see your paycheck evaporate at an annual rate of 6 percent.
...
Biden's America: American Wages Drop by Nearly 2% as Inflation Spirals Out of Control
It's not your imagination when you go to the store or stop at the gas pump: Prices really are going up. Big time.
www.westernjournal.com