If the majority of Americans who depend primarily on their own paychecks and those of their loved ones to cover their families’ expenses vote their pocketbooks this fall, the U.S. House and Senate allies of union-label President Joe Biden who are on the November 8 ballot will be in big trouble.
With annual consumer price inflation currently at 8.3%, compared to 1.4% in the month Biden was inaugurated, the average American wage earner has suffered a 5% cut in real pay since January 2021. That amounts to a wage decline of $2,726 a year for a full-time worker! Over the past year alone, wages have declined by 2.8%. That represents a sharp reversal from the last year of the Trump Administration, when real hourly pay grew by 3.8%.
The Biden economy has been especially challenging for young workers hoping to purchase their own homes for the first time. As this is written, the average interest rate on a 30-year home loan is over 6%, having more than doubled since Biden took office. Mortgage rates haven’t been this high in nearly a decade and a half.
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