The party ostensibly focused on working-class concerns is in all actuality the very reason why American workers keep getting poorer and poorer.
Thanks to exorbitant federal spending and massive green energy regulations stripping America of its oil supply, inflation has officially broken a 40-year record, leaving America’s wage earners struggling to get ahead.
Soaring inflation means that workers’ real earnings are falling at the fastest rate in decades.
Inflation accelerated to an excruciating 9.1% for the 12 months ending in June, the highest level in four decades, according to the consumer price index report released on Wednesday. Hourly earnings have failed to keep pace.
[source: The Washington Examiner]
As a result, inflation-adjusted hourly earnings decreased by 1% from May to June alone, according to the Bureau of Labor Statistics. In the past year, from last June to this June, the hourly earnings of workers declined by 3.6%.
Real average weekly earnings declined by 4.4% given that employees, on average, are working for nearly 1% less time than a year ago.
Put simply, wage growth is not enough to buffer consumers from the 9.1% inflation. Workers are getting paid more dollars than a year ago, but they are also being forced to spend much more of that money to purchase the same goods they did last year.
Rising energy prices accounted for half the total inflation, with the gasoline index rising a whopping 59.9%.
So-called core CPI, which strips out volatile food and energy prices, increased 5.9% — still much higher than the Federal Reserve’s target of 2% inflation.
In June, the Fed hiked interest rates by three-fourths of a percentage point, its most aggressive increase of the federal funds rate in nearly 30 years.
Since then, the White House has done immense damage control in the hopes of controlling the inflation narrative before voters actually learn the truth. Joe Biden, his top economic advisers, and his comms team have all parroted the same talking points claiming June’s inflation report was old news, or “backward thinking.”
Republican lawmakers have echoed the concerns of most Americans amid an unprecedented financial crisis and are taking the Biden administration to task over their reckless spending. It seems to be paying off for the GOP as well since all recent polling predicts a historic trouncing of Democrats come November.
tl;dr VOTE REPUBLICAN, if you want everything to be cheaper and the country to run more efficiently.
Author: Monica Hedren