The Census Exposes Bidenomics – WSJ

Mr. Biden is trying to avoid the real story, which is that the Census Bureau says median household income adjusted for inflation fell last year by $1,750 to $74,580. It is down $3,670 from 2019. Households in the fourth income quintile those making $94,000 to $153,000 lost $4,600 in 2022 and $6,700 since 2019. Middle-class Americans who think they re losing ground are right.

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The reason is that inflation has outpaced the earnings growth from work. Real median earnings for full-time workers last year fell $3,620 for men and $2,880 for women despite a tight labor market that had companies paying more to attract and keep workers. The female-to-male earnings gap declined to 16% from 18% in 2019, but mainly because inflation has eroded men s wages more than women s. Wages in industries with more female workers such as healthcare and hospitality rose faster than those with more male workers such as manufacturing. But neither men nor women kept pace with the cost of living.

By most statistical measures, income inequality also declined last year. Even when excluding capital gains, higher earners saw a bigger drop in real incomes than Americans at the lower end. One reason is the latter group includes many seniors whose Social Security checks are adjusted for inflation.

via www.wsj.com

Maybe we will elect another Dem in 2024 and then we’ll see how bad inflation can get. Pretty bad, I think.