Posted on 07/16/2022 3:19:59 AM PDT by Libloather
This week we got more astounding numbers showing inflation continuing to surge out of control. But beyond these big-picture headlines, we’re also gaining more insight into what this economic carnage actually means for everyday people.
With consumer prices rising 9.1% from June 2021 to June 2022, inflation is now at the highest level since 1981. Thanks to this inflation, workers' real wages, or wages accounting for inflation, are actually in decline, falling significantly over the last year.
How’s that for “Build Back Better?”
New analysis from the Heritage Foundation’s E.J. Antoni puts these figures in tangible, everyday terms. He reported that the average worker has lost $3,400 in annual income due to inflation since President Joe Biden took office, while the average household with two working parents has lost $6,800.
"There are plenty of families that that's more than their food budget a year," Antoni told Fox Business. "I can't emphasize enough how much this is really crushing consumers."
The expert added that the costs of inflation have now added up to far more in losses for workers or households than they received in total stimulus checks.
Antoni’s specific data bring the real consequences of inflation into focus. In effect, inflation is a “stealth tax” on the public - a way the government confiscates and redistributes resources without formally raising our taxes. This lets politicians escape the political backlash that comes with raising people’s taxes - if people aren’t wise to what’s going on.
(Excerpt) Read more at washingtonexaminer.com ...
You buy things with after-tax money, so it’s actually even more painful than that.
LET’S GO BRANDON!!!
Tucker made a similar point to this article a few nights ago. We had crushing inflation in the Carter years but wage increases for the average American also were increasing and kept more or less in step... the result being a net zero treading of water situation.
Not this time...inflation going up but wages going down or at least staying flat. The overall result is far worse this go round.
>the average household with two working parents has lost $6,800.
Worth it to stop the midnight tweets etc.
I really don’t like that corrupt honky bird brain pervert clown Brandon.
Biden dismisses the things that are hurting Americans as someone else's fault...but this translates as "the things hurting Americans are beyond my control and I don't give a damn." In other words, don't look to me for sympathy. Don't look to me to fix the problem.
One has to remember that Biden has actually never run for national office on his own. He has never had to connect with Americans directly. And he is angry when he is called upon to do it now.
81 million votes and he never left his basement? Yeah, right.
He knows he wasn't elected by Americans and he knows Americans don't like him. And he "doesn't like them" back.
If someone uses 20 gallons of gas a week, that would add up to over $2,500 a year extra under the liberal dictatorship. With income taxes, that would be like taking a $3,000 pay cut.
He’s run for President more than once.
Just because your hat is in the ring doesn't mean you're actually running.
And what you mentioned happening now is indicative of an economy pushed over the edge by mentally challenged idiots.
In 2008, he carried less than 1% in the Iowa caucuses.
I think Pat Paulsen campaigned harder and more effectively.
NONSENSE!!
Although COLA raises were introduced, they were, by design, only a fraction of what was necessary to maintain equilibrium. Anyone who drew a paycheck lost...and lost BIG!
Speaking of gubmint money, us SS recipients got a cost of living adjustment of 5.9% back in January.
Maybe they got the digits reversed & will announce a correction later today.
Thanks Brandon.
Ovsmy.yupr!
“This lets politicians escape the political backlash that comes with raising people’s taxes - “
The democrats fear a backlash to their raising taxes? Not as far as I can see.
Oh, you mean did he “run” before? :)
Define “run.” ;-)
My wording was off a bit.... I didn’t intend to suggest that wages went up at the same rate as inflation during Carter and I certainly would never attempt to apply such a statement across the board... but they at least went up. While management staff at companies did the worst, there were plenty of unions who did fairly well. How about the United Rubber Workers in 1979? 27% over 3 years. Teamsters? About the same. How about the United Auto Workers? Check this out ... https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.492.9277&rep=rep1&type=pdf The 1976 agreement with Ford gave the union a 24% increase over 3 years when inflation was 20% over that period. However, the big one was the deal with GM in 1979... that one gave the union 33.4% over 3 years.
Now let’s compare the differential between inflation and wages during the Carter years to the Bye-Done years... Now, we have the ‘official inflation at 9.1% while the real inflation is likely closer to 15%. How are wages doing with the UAW for example? Will it come anywhere close to COLA this year? I doubt it will come anywhere near it and in fact, wage increases the last few years have been fairly small.
Hence my point.... the differential between inflation and wages is far worse now than during the Carter admin.
This might be a little hard to figure for a S.S. non-working, non-taxpaying recipient, but I wonder how much that person is losing because of the inflation. They would not be buying much more than bare necessities I should think. They would still be paying sales tax for sure.
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