{"id":1211971,"date":"2022-01-12T17:04:29","date_gmt":"2022-01-12T22:04:29","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1211971"},"modified":"2022-01-12T17:04:31","modified_gmt":"2022-01-12T22:04:31","slug":"in-2021-inflation-gave-the-typical-american-a-2-4-pay-cut","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/in-2021-inflation-gave-the-typical-american-a-2-4-pay-cut\/","title":{"rendered":"In 2021, Inflation Gave The Typical American A 2.4% Pay Cut"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fin-2021-inflation-gave-the-typical-american-a-2-4-pay-cut%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1211971&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>As the economy recovers from COVID-19 and the lockdown-induced recession, many Americans are bringing home nominally larger paychecks. However, soaring inflation is outpacing wage growth \u2014 eroding the purchasing power of American households.<\/p>\n<p>According to data from the <a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/realer.pdf\">Bureau of Labor Statistics<\/a> released on Wednesday, \u201creal average hourly earnings\u201d \u2014 which consider the effect of inflation \u2014 decreased by 2.4% from December 2020 to December 2021.<\/p>\n<p>\u201cIn what was the best year for wage growth that we have seen in many, many years, it still comes up as a loss for many households,\u201d Bankrate chief financial analyst Greg McBride told <a href=\"https:\/\/www.cnbc.com\/2022\/01\/12\/higher-pay-eclipses-inflation-bite-for-some-.html\">CNBC<\/a>. \u201cTheir expenses increased even faster and chewed up all of the benefit of whatever pay raise they had seen.\u201d<\/p>\n<p>The agency also reported that consumer prices are <a href=\"https:\/\/www.dailywire.com\/news\/breaking-inflation-rises-7-in-december-over-previous-year-fastest-rise-in-almost-40-years\">rising<\/a> at a 7% clip as of December 2021 \u2014 the highest rate in roughly 40 years. President Joe Biden, however, is seeking to brush off the concerning phenomenon.<\/p>\n<p>\u201cToday\u2019s inflation numbers show a meaningful reduction in headline inflation over last month,\u201d he <a href=\"https:\/\/twitter.com\/POTUS\/status\/1481297907034857474\">said<\/a> on Twitter. \u201cWe are making progress in slowing the rate of price increases. But there is still more work to do \u2014 I remain focused on lowering costs for families and maintaining strong economic growth.\u201d<\/p>\n<p>Americans, however, are not buying Biden\u2019s argument. According to a December Fox Business survey, 47% of Americans <a href=\"https:\/\/www.dailywire.com\/news\/voters-have-low-expectations-for-bidens-economic-management-pollster\">believe<\/a> that President Joe Biden\u2019s policies are \u201churting\u201d the economy, while only 22% believe they are \u201chelping.\u201d Likewise, 46% believe that Biden\u2019s social spending agenda would \u201cpush inflation higher,\u201d while 21% believe it would \u201chelp lower inflation.\u201d<\/p>\n<p>Other insights from the poll include:<\/p>\n<p>Rising prices over the last six months have caused financial hardship for two-thirds of voters. That climbs to three-quarters among those living in lower-income households.&nbsp;By more than two-to-one, people say the president\u2019s economic policies have hurt rather than helped them personally. That\u2019s largely driven by almost two-thirds of Republicans saying they\u2019ve been hurt \u2014 nearly five times the number of Democrats who say the same. For comparison, one-third of Democrats said they had been hurt by former President Donald Trump\u2019s economic policies in a December 2018 Fox News survey.Just 1 in 6 voters say they are better off financially than they were a year ago, and a majority rates their personal financial situation negatively. That\u2019s a reversal since August, when over half said their finances were in positive shape.<\/p>\n<p>Meanwhile, Lawrence Summers \u2014 a Harvard University economist and a former economic advisor to President Barack Obama \u2014 is <a href=\"https:\/\/www.dailywire.com\/news\/even-obamas-top-economic-advisor-recognizes-we-have-a-serious-inflation-problem\">denouncing<\/a> the Biden administration\u2019s attempts to minimize and deflect from the reality of inflation.<\/p>\n<p>\u201cWe have a serious inflation problem whatever the precise CPI reading,\u201d he tweeted. \u201cInflation is running well ahead of anything seen during the guns and butter Vietnam episode and 50 percent above where it was when Pres Nixon imposed wage price controls.\u201d<\/p>\n<p>\u201cWhite House cites leading economists as foreseeing sharp declines in inflation over next two years. Certainly could happen,\u201d he continued. \u201cOn other hand same kind of consensus was looking for inflation at well below 3 percent this year and it turned out to be 7.\u201d<\/p>\n<p>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <a href=\"https:\/\/www.dailywire.com\/subscribe\">member<\/a>.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the economy recovers from COVID-19 and the lockdown-induced recession, many Americans are bringing home nominally larger paychecks. However, soaring inflation is outpacing wage growth \u2014 eroding the purchasing power of American households. According to data from the Bureau of Labor Statistics released on Wednesday, \u201creal average hourly earnings\u201d \u2014 which consider the effect of &#8230;<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1211971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1211971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1211971"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1211971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1211971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1211971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1211971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}