New Inflation Data Show Real Wages in Decline

Is this what "Build Back Better" was supposed to look like?

President Biden keeps going on about how amazing the economy is under his leadership. But the latest inflation data deal a harsh reality check to this political narrative. 

The June Consumer Price Index just came out, and it reports that prices rose 9.1% from June 2021 to June 2022. That’s the biggest increase we’ve seen yet in our current inflation surge and the biggest spike in consumer prices in 40 years. 

The details of this update reveal why inflation is hitting working class families so hard, as costs surge for the essentials Americans rely on:

Oh, and before the White House rushes to blame “Putin’s price hike,” Russia’s invasion of Ukraine which has disrupted gas prices, the inflation rate is still 6% when you factor out food and fuel entirely. So, blaming the invasion is a scapegoat, not a real solution.

But there’s even more to the story here. 

Further data released this morning show that Americans’ “real wages”—wages accounting for inflation—have decreased by 3.6% over the last year. 

So, far from “Building Back Better,” we’re experiencing an economic calamity under the current administration. This economic carnage will continue until the federal government turns off the money printer and balances its budget. 

WATCH: We Gave Away $2 Gas (The Reaction Was Priceless)

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Brad Polumbo
Brad Polumbo
Brad Polumbo is a libertarian-conservative journalist and co-founder of Based Politics. His work has been cited by top lawmakers such as Senator Rand Paul, Senator Ted Cruz, Senator Pat Toomey, Congresswoman Nancy Mace, Congressman Thomas Massie, and former UN Ambassador Nikki Haley, as well as by prominent media personalities such as Jordan Peterson, Sean Hannity, Dave Rubin, Ben Shapiro, and Mark Levin. Brad has also testified before the US Senate, appeared on Fox News and Fox Business, and written for publications such as USA Today, National Review, Newsweek, and the Daily Beast. He hosts the Breaking Boundaries podcast and has a bachelor’s degree in economics from the University of Massachusetts Amherst.