{"id":1439468,"date":"2022-04-15T07:14:42","date_gmt":"2022-04-15T11:14:42","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1439468"},"modified":"2022-04-15T07:14:44","modified_gmt":"2022-04-15T11:14:44","slug":"real-wages-plummet-nearly-3-due-to-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/real-wages-plummet-nearly-3-due-to-inflation\/","title":{"rendered":"Real Wages Plummet Nearly 3% Due To Inflation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/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%2Freal-wages-plummet-nearly-3-due-to-inflation%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=1439468&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--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/03\/Gas-Prices-1.jpg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>Amid inflation that is spiraling out of control, real wages for Americans have dropped by nearly 3%.<\/p>\n<p>\u201cInflation ran 8.5% in the year ending last month, while nominal wages grew only 5.6%, a decline in inflation-adjusted wages of 2.7%,\u201d Jason Furman at Harvard University, one of President Barack Obama\u2019s top economists, wrote in a Wall Street Journal <a class=\"x5l\" href=\"https:\/\/www.wsj.com\/articles\/even-in-a-hot-economy-wages-arent-keeping-up-with-inflation-unemployment-job-growth-federal-reserve-11649779113?mod=e2two\" target=\"_blank\" rel=\"noopener external\">article<\/a>.<\/p>\n<p>\u201cThis presents a serious challenge to the \u2018hot economy\u2019 thesis that tighter labor markets lead to rising real wages. This idea has never been as popular among academic economists as it is among Washington policy makers. A hot economy is surely better than a cold one, but the costs of an overheating economy might be larger than policy makers have appreciated,\u201d he wrote.<\/p>\n<div>\n<p>Earlier this week, the Labor Department announced the consumer price index (CPI), which measures what Americans pay for everyday items such as food and gas, soared to the highest level in 41 years. The CPI leapt 8.5% from a year ago, according to data released Tuesday. Taking out food and energy, the CPI still increased by 6.5%.<\/p>\n<p>Such soaring inflation has not been seen since the late 1970s, when Jimmy Carter was president, and the early \u201980s, after Ronald Reagan took over.<\/p>\n<p>\u201cPrice increases came from many of the usual culprits,\u201d CNBC <a href=\"https:\/\/www.cnbc.com\/2022\/04\/12\/consumer-prices-rose-8point5percent-in-march-slightly-hotter-than-expected.html\">reported<\/a>. \u201cFood rose 1% for the month and 8.8% over the year. Energy prices were up 11% and 32%, respectively,\u201d while \u201cShelter cost, which make up about one-third of the CPI weighting, increased another 0.5% on the month, making the 12-month gain a blistering 5%.\u201d<\/p>\n<p>The White House has repeatedly sought to distance the president from soaring inflation, going so far as to coin a new term, \u201cPutin\u2019s price hike.\u201d For instance, on Biden\u2019s official schedule for Tuesday, the White House said he would deliver a speech in part on administration efforts to \u201creduce the impact of Putin\u2019s Price Hike.\u201d<\/p>\n<p>But for the record, here is how much inflation has risen every month since Biden took office (he was inaugurated on January 20, 2021), compiled using the Consumer Price Index data provided by the U.S. Department of Labor Bureau of <a title=\"U.S. Department of Labor Bureau of Labor Statistic\" href=\"http:\/\/www.bls.gov\/\">Labor Statistics<\/a>:<\/p>\n<ul>\n<li>January 2021 \u2014 1.4%<\/li>\n<li>February \u2014 1.7%<\/li>\n<li>March \u2014 2.6%<\/li>\n<li>April \u2014 4.2%<\/li>\n<li>May \u2014 5.0%<\/li>\n<li>June \u2014 5.4%<\/li>\n<li>July \u2014 5.4%<\/li>\n<li>August \u2014 5.3%<\/li>\n<li>September \u2014 5.4%<\/li>\n<li>October \u2014 6.2%<\/li>\n<li>November \u2014 6.8%<\/li>\n<li>December \u2014 7.0%<\/li>\n<li>January 2022 \u2014 7.5%<\/li>\n<li>February \u2014 7.9%<\/li>\n<li>March \u2014 8.5%<\/li>\n<\/ul>\n<p>For the record, Russian President Vladimir Putin invaded Ukraine on February 24, 2022.<\/p>\n<p>When Biden took office, a gallon of regular gasoline was $2.33, <a href=\"https:\/\/gasprices.aaa.com\/\">according<\/a> to AAA. The average price of a gallon of gasoline is now $4.10, up 43% from a year ago.<\/p>\n<p>Consumers see the price hikes daily at the grocery store. \u201cThe cost of meat, poultry, fish and eggs is 13% higher since February 2021,\u201d CNBC <a href=\"https:\/\/www.cnbc.com\/2022\/04\/05\/how-much-more-expensive-groceries-are-due-to-inflation-item-by-item.html\">reported<\/a>. \u201cFresh fruit has gone up 10.6% in price in that time, while the price for vegetables has remained much more stable, increasing just 4.3%. The price of pre-packaged cereals and baked goods has increased 7.7%.\u201d<\/p>\n<p><em>Joseph Curl has covered politics for 35 years, including 12 years as White House correspondent, and ran the Drudge Report from 2010 to 2015. Send tips to josephcurl@dailywire.com and follow him on Twitter @josephcurl.<\/em><\/p>\n<p><em>The Daily Wire is one of America\u2019s fastest-growing conservative media companies for breaking news, investigative reporting, sports, podcasts, in-depth analysis, books, and entertainment for a reason: because we believe in what we do. We believe in our country, in the value of truth and the freedom to speak it, and in the right to challenge tyranny wherever we see it. Believe the same? <a class=\"in-cell-link\" href=\"https:\/\/www.dailywire.com\/subscribe\" target=\"_blank\" rel=\"noopener\">Become a member now and join our mission.<\/a><\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Amid inflation that is spiraling out of control, real wages for Americans have dropped by nearly 3%.\u201cInflation ran 8.5% in the year ending last month, while nominal wages grew only<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1439468","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\/1439468","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\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1439468"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1439468\/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=1439468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1439468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1439468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}