The CPI for July, released by the Bureau of Labor Statistics (BLS), used an inflation scale adjusted to 1982 to 1984 dollars to reveal that average weekly earnings have dropped from $397.90 at the beginning of President Joe Biden and Vice President Kamala Harris' administration to its current $382.54. (Related: Top economist warns the next recession will be as if “the whole country takes a pay cut.”)
According to the BLS data, there has been a 20.3 percent rise in prices since Biden took office, a 3.9 percent decline in real wages and benefits and persistent inflation that exceeded the two percent target of the Federal Reserve for 40 consecutive months.
Key areas of increased costs include groceries, which have surged by over 21 percent, and car insurance, which has risen by 48 percent. Additionally, there have been significant increases in rent, electricity and garbage services.
The BLS data revealed that inflation has outpaced wage growth for 26 months, interest rates have reached a 23-year high and monthly mortgage payments have soared by 85 percent.
Moreover, the report noted that consumer credit debt has surpassed $1 trillion for five quarters, with nearly 11 percent of credit card balances over 90 days past due. Lastly, personal savings rates have plummeted to near-historic lows.
This decline in real wages comes amid increasing costs of living, with Americans paying substantially more for everyday expenses.
Trump promises to defeat inflation if reelected in November
House Ways and Means Committee Chairman Rep. Jason Smith (R-MO) could not help but criticize the Biden administration following the release of the BLS report.
"Under the Biden-Harris Administration, prices are 20 percent higher, paychecks don't cover as much, and buying a house is now a luxury even fewer can afford. None of these failures would be possible without Vice President Harris," said Smith. "She cast the deciding vote to advance the worst parts of the Biden-Harris agenda: Tax breaks for the wealthy and well-connected, trillions in new spending that sparked inflation, more IRS agents to harass families with audits, and the list goes on."
"That's the Democrats' plan for America’s future too: Higher prices and higher taxes on working families. Just like President Biden, Vice President Harris has promised to repeal the Trump tax cuts," continued Smith. "In fact, she’s promised to do it on day one. These tax cuts put more money in the pockets of working-class families, helped small businesses open and grow, and powered a strong economy."
In turn, Smith assured the public that Republicans on the Ways and Means Committee would continue to oppose the Biden-Harris tax initiatives and advocate to preserve and extend the Trump-era tax policies.
Republican presidential candidate and former President Donald Trump echoed this statement.
"On my first day back in the Oval Office, I will sign an executive order directing every cabinet secretary and agency head to use every tool and authority at their disposal to defeat inflation and to bring consumer prices rapidly down," Trump said during a campaign rally on Aug. 14 in Asheville, North Carolina.
Visit Collapse.news for more stories related to the overworked and underpaid American workforce due to record-high inflation.
Watch the below video that talks about the misery Bidenflation has been bringing into every American household.
This video is from the Son of the Republic channel on Brighteon.com.
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Inflation, cost-of-living crisis crushing Generations Y and Z.
Inflation labeled a ‘right-wing talking point’ in response to hit working-class song.
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