Americans experience most severe pay cut in a quarter of a century
Many of those who wanted employers to raise minimum wage were happy to see movement towards that objective. A combination of factors resulted in many employers raising the minimum wage to attract employees. Those who had been arguing for increased minimum wage attempted to leverage this fact to point out that employers were capable of raising minimum wage all along. However, inflation entered the picture. Consequently, Americans experienced a heavy pay cut thanks to inflation.
From Just the News:
“How severe are the losses for workers experiencing negative real wage growth?” the group said. “For the 53.4 percent of such workers in second quarter 2022, the median decline (that is, half of the declines were larger and half smaller) in real wage growth was 8.6 percent. How does the severity of the real wage decline in second quarter 2022 compare with the declines over the last 25 years? The average median decline over the last 25 years is 6.5 percent, with real wage declines typically falling in the range of 5.7 to 6.8 percent…”
The bank pointed to the Consumer Price Index, which since President Joe Biden took office has elevated to the highest rate in four decades. The Bureau of Labor Statistic’s latest Consumer Price Index surpassed 8% in the previous 12 months.
Some expenses like groceries saw even larger increases.
“The food at home index rose 13.5 percent over the last 12 months, the largest 12-month increase since the period ending March 1979,” BLS said. “The index for other food at home rose 16.7 percent and the index for cereals and bakery products increased 16.4 percent over the year. The remaining major grocery store food groups posted increases ranging from 9.4 percent (fruits and vegetables) to 16.2 percent (dairy and related products).”
Those price increases have outpaced wage gains, meaning some workers who even got a raise this year still didn’t see a large enough increase to offset inflationary price hikes.
“While the past 25 years have witnessed episodes that show either a greater incidence or larger magnitude of real wage declines, the current time period is unparalleled in terms of the challenge employed workers face,” the Federal Reserve Bank of Dallas said.
But hey, at least we do not have to read mean tweets, right? Just the News has the full story.
Category: "The Floggings Will Continue Until Morale Improves", Economy, Joe BIden
Surpassed 8% long’go! Novel idea for future monetary policy: real and preferential interest rates for individuals!
And make the interest tax-exempt for the bottom half of the income-earning public.
Its because of the COLA. They are going to pretend like it is only 8.5% because the real number is closer to 12%. Increasing federal entitlements that much would create even more crazy inflation.
I live in a low cost state and the assistant manager at the car wash makes $31/hr. If anyone needs work they are having trouble finding someone.
Bingo!!! (see below) COLA are breadcrumbs meant to give pause to those that’d grab pitchforks and torches.
This is why I’d prefer making money worth more for those that work for it, as opposed to the system we have now:
As a matter of principle, use of debt-to-productivity notes (read: currency) should be somewhat neutral.
Yeah, buddy– vote Dem in Nov for more!
Remember, Democrats!
I guess the family ‘friend’, “prominent Democratic donor Maria Allwin”, didn’t get the memo about ‘rising waters’.
From 2021,
Feet from that climate change. Don’t worry about it!
Go ahead and do it this year. That way they know where to send the bus. They can go right to work mowing the yard and serving drinks.
This is wonderful piece on Alyssa Milano is from 2018, but there are many, countless, COUNTLESS examples of hypocrisy on this topic. Too many to even express by a rational number.
(sorry if this link isn’t truncated, I’ll learn how nodaysoon!)
https://twitter.com/BenHowe/status/992824417477693441?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E992824417477693441%7Ctwgr%5E13106ce00a32fbf60bd167e8805ccab407df3d26%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.independentsentinel.com%2Fhypocritical-actress-speaks-at-anti-gun-event-with-her-armed-guards%2F
A bakery just posted this about why their prices went up:
https://twitter.com/WallStreetSilv/status/1579064135127474176
My IRA and 401K want mean Tweets back. PLEASE!!
My 3-legged stool of Pensions – IRAs – SS is getting real wobbly. Our 457 at work is in a nose dive so I asked the rep where she was putting her money and she said cash. But cash makes no sense either due to inflation.
So yes, it is official, Joe Biden is a worse president than Jimmy Carter. Carter didn’t actually create stagflation. He just didn’t know what to do about it. Team Biden actually made it happen.
Wait until the leverage on upside-down bond trades gets margin called into doom vortexes, interbank lending/credit extensions fail, and FOREX hedge bubbles burst.
Someone(s) are bereft of USD to pay down debts and the cracks are showing, bigly.
Remember the Swiss were the world’s bank? The forgot the principle of neutrality and are teetering for it.
Germany is on their heels for Fuck Up of the Year.
That honor belongs to the UK.
Them and Japan are vying for a major L.
They might not run out of money but they are going to run out of gas. The government released their plan of 3 hour blackouts a day over the winter in order to provide heat. They are also going to pay people to wash clothes at night. But they pinky promise things will be back to normal in 2024.
Especially if the ban on U.S. export of gasoline (when all of western Europe’s petrol is refined here) goes through:
https://finance.yahoo.com/news/rising-us-gas-prices-push-111514731.html
It is almost as though they have no clue what profit margin even means. Yes, when you sell more stuff at higher prices and your margin remains the same then you have more profit. Algebra is too hard, unless you are trying to count genders I guess.
If those jackasses cut off gasoline sales to the world market at 9,000,000 barrels a day to practically every other country in the world, other countries might actually send assassination teams to take Biden out for good.
So I say they don’t have a hair on their ass if they don’t go for it. Hopefully his last words will be “It was Putin’s Fault!”
“It is almost as though they have no clue…”
“almost”?
“
It is almost as thoughthey have no clue.”There, fixed it for you.
That will become the new normal.
That’s funny. “The banker may also issue “new” money on slips of ordinary paper”.
The only difference between the game of Monopoly and the “Real World” is that in the “Real World”, the Treasury uses a special paper for its new money; it’s more expensive than ordinary paper but that just means they just print a little more new money.
Or in super-special “bank reserves” that’re nothing more than 1s-and-0s kept on a computer located in the broom closet on the 9th ring of Hell next to the Hunter laptop and Hitlery Clowntoon’s emails.
Interest rate hikes will be coming– if folk want to stop inlfation.
Interest rates are already nearly triple what they were in 2020, more than double 2021.
Was 18% prime in ’81 to stop stagflation— none of that wussy “basis point” BS, baby!
Yeah, also the National Debt was 31% of GDP in 1981. Put those rates at 18% they are going to make Argentina look like stable stewards of the economy.
Major part of my wealth is in straight savings.
The monthly income has indeed tripled over the past year. Local credit union.
It might help even more if they stopped printing money and stop “blaming the victim” (“inflationary” wage increases for the proles as the cause of inflation).
I’m in the same boat with you Chip, my 401K is taking some dive since Der Fuher took over.
WMAL News just reported that the price of turkey this Thanksgiving will about double. Yestaerday they were discussing a shortage of butter in the markets. Looks like the holiday gift baskets this coming Christmas will be overflowing with Soylent Green.
Yet we continue to supply arms to them in exchange for using
them as a base to go after bad guys in Syria.
https://www.dailymail.co.uk/news/article-11286905/US-special-forces-conducted-midnight-raid-Syria-killing-ISIS-leader-taking-captive.html
I have been seeing articles that say with all the Bidenflation and such, that that magical $15.00 an hour is now worth even less than before. Congrats to all the socialists who wanted income equality, you are all now significantly behind the curve thanks to your socialist democrat masters.
Thanks, Democrats!! People upset by 34 ugly price increases:
https://www.yahoo.com/lifestyle/grocery-shoppers-sharing-biggest-price-043102513.html
A fellow named southernprepper1 on youtube has a daily called ‘Boots on the Ground’ wherein people submit their price/supply problems in Joebama’s America.
He’s a Vet so I like to support his work. (warning: he can get a little ‘off the res’)
The interesting thing is that literally everyone saw it coming except the left. I remember right after inauguration there was a trend to post on social media the cost of gas, milk, bread etc. The leftists were all very dismissive. I was never a big fan of orange man but 2 of the 3 things he did really well were the economy and energy policy. Biden tried his best to undo all that on day 1 with his EO’s.
yahoo, it worked, this is what winning looks like.
“literally everyone saw it coming except the left.”
Oh, yeah. I distinctly remember the howls of outrage and warning from the Republicans and filibustering in the Rep.
Senate about the inflationary dangers of spending trillions of additional dollars for stimulus and the Fed printing trillions of dollars for “quantitative easing”.
(that’s sarcasm, by the way)
Democrats felt if they ignored it then it wouldn’t exist.
That is their MO. If events are counter to their party-line, they just ignore them.
No silly, not Republicans. Right wing. There is a difference you know.
Once had the Roaring 20’s and this is the Flooring 20’s for the fiat Dollar to make room for the Digital Dollar that will be tied to the Digital ID and the New Digital Net 2.5.
You will be a One or Zero in the New System and Like it…if you have Electrical Power.
SkyNet Smiles.
Skynet will control your access to your digital money based on your social credit score, and it will control what you are allowed to spend it on.
Chiclms do it already. Democrats want a “cashless” society to have that here.
My employer announced a 2% cost of living increase for non-union employees on top of the planed 2%.
Union employees will get what was contracted. (In most cases 3-4%). How ever on union is in negotiations and contract has expired. The employer is holding firm on only 2% increases per year for four years. Because they can’t afford to pay more since the department is understaffed and losing money. (Hmm could it be the low pay is why you are understaffed?)
Our contract expires this year. I don’t expect a real cost of living increase.
Meanwhile, ruining our economy so we can have crappy “green” electric vehicles means soooo much… hydrogen fuel cell vehicles kick their ass, are even “green”-er and have the Chicoms investing in ’em (no sh*tty batteries that catch fire and take 3 days to charge, let Americans buy those from us).
https://www.marketwatch.com/story/battery-electric-cars-are-the-future-not-so-fast-hydrogen-powered-cars-will-give-them-a-run-for-their-money-11664907608?siteid=yhoof2
Caught in the spam filter, Anon.
That’s okay.
In other news, there is some breaking news on Joey Bumble’s kid, Hunter, aka the smartest man Joe knows.
Feds weigh charges against Hunter Biden, outcome of years-long case could be ‘imminent’: source | Fox News
They have to do it before the election as the GOP has made threats to bring him to justice. This is all going to be HRC 2016 thing. “He broke all kinds of laws and Jimmy Cracked corn”. It isn’t easy being raised a poor Puerto Rican.
Yes, his boy had a poor Puerto Rican up bringing, so he should be given a pass. Plus, Gropey said you can’t efff with a Biden.
Interesting how none of the usual suspect liberals on the blog have comments on this thread.. guess even the seagull doesn’t think he can refute what a fuck up Brandon is??
You cannot control inflation and make it go down by employing the same tactics that CAUSED inflation. This simple fact escapes the dem tards in power, especially the dementia patient and the cackling loon.
If you do not control inflation, you get recession. If you do not control the recession, you get depression.