In a recent speech to promote “Bidenomics,” President Joe Biden said, 'Wages are up after being adjusted for inflation.' That’s correct compared with either the pre-pandemic level or a year ago, but not for all of Biden’s presidency.
Inflation-adjusted wages have increased if you compare today’s level with either pre-pandemic levels — when Joe Biden was not yet president — or with one year ago.
But during the entirety of Biden’s presidency — since his January 2021 inauguration — inflation-adjusted wages have not increased. After several favorable economic data points recently were released, President Joe Biden has leaned into"Bidenomics" as an asset for his 2024 reelection campaign."Yesterday, we learned the economy grew faster than expected last quarter," Biden said."And this morning, we saw data showing that last month the annual rate of inflation continued to decline. So, inflation is now at its lowest point in two years. And wages are up after being adjusted for inflation.
When measuring against those specific periods, Biden’s statement is accurate. But when considering his entire presidency, the opposite is true — inflation-adjusted wages have not risen.The White House offered one comparison with pre-pandemic wage and inflation levels, using January 2020 data. From January 2020 to June 2023 — the most recent month with data available — wages rose by 18% while inflation rose by 17%. The winner: wages.Meanwhile, the other comparison the White House drew was to the past year.
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