Promise Made, Promise Kept As Trump Reverses 4 Years of Income Loss Under Biden

President Donald Trump campaigned on bringing prices down and restoring buying power to working Americans, and he is delivering on that promise.

Heritage Foundation economist E.J. Antoni posted a graph showing weekly earnings for workers in Trump’s second term versus Biden’s term.

Buying power declined, on the whole, during Biden’s entire four years in office, but it is up during Trump’s first four months.

“THIS is what matters to the American middle class – what you can buy with the average weekly paycheck is up 1.3% during Trump’s 2nd term; this inflation-adjusted measure plunged under Biden but is now seeing a strong recovery,” Antoni wrote.

THIS is what matters to the American middle class – what you can buy with the average weekly paycheck is up 1.3% during Trump’s 2nd term; this inflation-adjusted measure plunged under Biden but is now seeing a strong recovery: pic.twitter.com/yhBYhxaX3u

— E.J. Antoni, Ph.D. (@RealEJAntoni) June 11, 2025

The Bureau of Labor Statistics reported on Wednesday that the Consumer Price Index rose just 0.1 percent in May, after rising 0.2 percent in April.

Although the M/M rate of increase in the CPI was lower in May compared to Apr, the Y/Y increase rose from 2.3% to 2.4% b/c the small increase in prices from Apr to May ’24 dropped out of the annual calculation; a few more months of tame inflation and the Y/Y rate will hit 2.0%… pic.twitter.com/Q88eJNSHXZ

— E.J. Antoni, Ph.D. (@RealEJAntoni) June 11, 2025

Antoni noted that if the current inflation rate keeps up, it will only be 1.4 percent annually for Trump versus the 3.1 percent annualized rate under Biden during his last 30 months in office, not to mention the 8.6 percent which slammed American consumers during Biden’s first 18 months.

Inflation during Trump’s 2nd term is an annualized 1.4%, which is less than the ’09-’20 average of 1.8% and less than half the 3.1% annualized rate during Biden’s last 30 months – to say nothing of the 8.6% rate during Biden’s first 18 months… pic.twitter.com/bAZNJ2K55c

— E.J. Antoni, Ph.D. (@RealEJAntoni) June 11, 2025

The New York Times acknowledged that the inflation which some economists anticipated due to Trump’s tariff policy so far has not materialized.

“A drop in airline fares and energy prices also helped to offset an increase in housing-related costs and those related to dining out,” the Times said.

May inflation rate 1/2 of what was expected…turning a down pre-market all green. So far the Fed’s inflation boogeyman is nowhere to be seen. Talk about Powell being behind the curve…again! pic.twitter.com/4L91Unhk2n

— David Asman (@DavidAsmanfox) June 11, 2025

Samuel Tombs, chief U.S. economist at Pantheon Macroeconomics, called the tariff impact “microscopic.”

But he hedged by saying that is “entirely in keeping with past evidence showing that retailers usually take at least three months to pass on cost increases to consumers.”

The White House official Rapid Response X account posted a report from CNBC’s Rick Santelli pointing out that inflation came in light.

“Inflation has come in BELOW economists’ expectations every single month since President Trump took office,” the White House noted based on his remarks.

🚨 JUST IN: Inflation in May came in LIGHTER THAN EXPECTED for yet another month.

Inflation has come in BELOW economists’ expectations every single month since President Trump took office. pic.twitter.com/2OgT0UoEpm

— Rapid Response 47 (@RapidResponse47) June 11, 2025

Santelli concluded, “Inflation certainly looks like it is cooling a bit.”

So a Trump promise made has also been kept, since Americans’ real wages are growing as prices drop.

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