{"id":604140,"date":"2021-07-27T17:06:23","date_gmt":"2021-07-27T21:06:23","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=604140"},"modified":"2021-07-27T17:06:24","modified_gmt":"2021-07-27T21:06:24","slug":"thanks-to-inflation-american-wages-drop-by-nearly-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/thanks-to-inflation-american-wages-drop-by-nearly-2\/","title":{"rendered":"Thanks To Inflation, American Wages Drop By Nearly 2%"},"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\">18<\/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%2Fthanks-to-inflation-american-wages-drop-by-nearly-2%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=604140&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:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1233717111.jpg?w=1200&amp;h=800&amp;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\" \/><\/div>\n<p><span>According to federal data, the average American\u2019s wage is on the decline due to inflation.<\/span><\/p>\n<p><span>The <\/span><a href=\"https:\/\/www.bls.gov\/news.release\/archives\/realer_07132021.htm\"><span>Bureau of Labor Statistics<\/span><\/a><span> found that \u201caverage hourly earnings\u201d in the United States rose from $29.35 in June 2020 to $30.40 in June 2021 \u2014 a 3.6% increase. However, when factoring in inflation \u2014 specifically through the Consumer Price Index, which has risen by 5.3% since June 2020 \u2014 \u201creal average hourly earnings\u201d have diminished by 1.7% over the past year, despite a robust economic recovery during the same period.<\/span><\/p>\n<p><span>For an American earning $50,000 per year, the agency\u2019s findings imply the equivalent of an $850 cut in yearly wages.<\/span><\/p>\n<p><span>The decline in real wages has been worsening for most of 2021. As of December, real average hourly earnings had risen year-over-year by 4.2%. In January, February, March, April, and May, the year-over-year rates declined to 3.8%, 3.4%, 1.6%, -1.7%, and -2.6% respectively, before improving to -1.7% in June.<\/span><\/p>\n<p><span>Between January and June, the inflation rate nearly quadrupled from 1.4% to 5.3%. As Moody\u2019s Investors Service vice president William Foster explained to <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/07\/27\/wages-are-rising-but-has-inflation-given-workers-a-2percent-pay-cut.html\"><span>CNBC<\/span><\/a><span>: \u201cInflation is a tax. That\u2019s the best way to think about it.\u201d<\/span><\/p>\n<p><span>Inflation \u2014 the erosion of a currency\u2019s purchasing power over time \u2014 is particularly <\/span><a href=\"https:\/\/www.dailywire.com\/news\/heres-how-inflation-hurts-americans-pocketbooks\"><span>noticeable<\/span><\/a><span> for members of the working class, who hold a greater percentage of their assets in the form of cash rather than land, securities, and other investments that are largely immune to the effects of rising price levels.<\/span><\/p>\n<p><span>During a speech last week, Biden brushed off growing <\/span><a href=\"https:\/\/www.dailywire.com\/news\/on-inflation-biden-knows-hes-in-dire-straits\"><span>concerns<\/span><\/a><span> about inflation:<\/span><\/p>\n<blockquote readability=\"16\">\n<p><i><span>We also know that as our economy has come roaring back, we\u2019ve seen some price increases.&nbsp; Some folks have raised worries that this could be a sign of persistent inflation. But that\u2019s not our view. Our experts believe and the data shows that most of the price increases we\u2019ve seen are \u2014 were expected and expected to be temporary.<\/span><\/i><\/p>\n<p><i><span>Now, I want to be clear: My administration understands that if we were to ever experience unchecked inflation over the long term that would pose real challenges to our economy.&nbsp; So while we\u2019re confident that isn\u2019t what we are seeing today, we\u2019re going to remain vigilant about any response that is needed.&nbsp;<\/span><\/i><\/p>\n<\/blockquote>\n<p><span>Despite rising levels of inflation, the Federal Reserve has <\/span><a href=\"https:\/\/www.dailywire.com\/news\/after-another-record-inflation-report-the-fed-will-not-taper-monetary-policy\"><span>declined<\/span><\/a><span> to increase its near-zero interest rate target or taper its $120 billion monthly asset purchases \u2014 both of which increase the supply of the dollar in the American economy.<\/span><\/p>\n<p><i><span>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 <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to federal data, the average American\u2019s wage is on the decline due to inflation.The Bureau of Labor Statistics found that \u201caverage hourly earnings\u201d in the United States rose from &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-604140","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\/604140","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=604140"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/604140\/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=604140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=604140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=604140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}