The administration’s own data show the average American worker’s wages were effectively reduced over $4.50 an hour last month via the hidden tax of inflation.
The average American worker last month paid an inflation tax of 13.5%, like paying a second income tax.
If today’s bloated federal budget is the new normal, then so is the current 3% annual increase in prices that helps pay for all that spending.
To hear President Biden tell it, the latest inflation data is proof that “Bidenomics” is working, the economy is humming along, and the middle class is doing well.
No part of that narrative is supported by the facts. The administration’s own data show the average American worker’s wages were effectively reduced over $4.50 an hour last month via the hidden tax of inflation.
The consumer price index for June showed prices rose 3% over the last year. Core inflation, which excludes volatile food and energy prices, was 4.8%.
The Biden administration was quick to tout the 3% annual inflation rate as some kind of achievement. But that is damning with faint praise, since Mr. Biden previously ran inflation up to 40-year highs.
>>> Bidenomics: Nothing To Brag About, Though Biden Keeps Trying
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