Joe Biden claimed take-home pay for workers is going up. Although wage increases have outpaced inflation over the past two quarters, wages significantly trailed inflation earlier in his tenure.
office and his Delaware home. But he aimed instead to tout a positive development on an issue that has bedeviled his presidency: inflation.."Workers’ wages are higher now than they were seven months ago, adjusted for inflation."
Wage increases have outpaced inflation over the past two quarters. However, wages had fallen significantly behind inflation before that, and the recent improvements have not yet dug out of that hole., unadjusted for inflation, have risen every quarter of Biden’s presidency, and generally at higher rates than wages rose under his predecessor, Donald Trump.— that is, inflation-adjusted wages — fell or were unchanged during the first six quarters of Biden’s presidency.
Although that real wages metric hasn’t been released for the fourth quarter of 2022, annualized raw wages rose by almost 13% in that quarter, as inflation increased by less than 2% over the same period.
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