Americans are seeing the fastest wage increases in decades. The only problem is that sky-high inflation is quickly wiping out those gains, according to Labor Department data.
The combination of high inflation and rising wages has fueled concern about the possibility of a wage-price spiral, a 1970s-style phenomenon where high inflation leads to pay hikes that, in turn, lead to more spending and more expensive prices. Scorching-hot inflation has created severe financial pressures
for most U.S. households, which are forced to pay more for everyday necessities like food, gasoline and rent. The burden is disproportionately borne by low-income Americans, whose already-stretched paychecks are heavily impacted by price fluctuations. "Today’s report underscores why I have made fighting inflation my top economic priority," President Biden said in a statement Friday, once again blaming Russian President Vladimir Putin and the war in Ukraine for rising prices. "Even as we continue our work to defend freedom in Ukraine, we must do more — and quickly— to get prices down here in the United States."
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