Americans Experienced a Pay Cut Every Month Since Biden Took Office

Also: Americans Spend More on Weed Than Chocolate

Americans Experienced a Pay Cut Every Month Since Biden Took Office
According to an analysis by the Committee to Unleash Prosperity, Americans have experienced a decrease in their monthly pay since President Biden took office. The study found that in January 2021, the average monthly wage was $29.69 per hour, but by March 2023, it had fallen to $28.50 per hour, representing a decrease of 4%. The analysis also showed that the average weekly hours worked increased slightly, but it was not enough to offset the decline in hourly wages.

In an op-ed in the New York Post from Thomas Barrabi:

Real average hourly earnings — a measure of wages after adjustments for inflation — have declined year-over-year for every month dating back to April 2021 — just a few months after Biden took office, according to data from the Bureau of Labor Statistics.

House Speaker Kevin McCarthy (R-Calif.) highlighted the alarming trend in a speech at the New York Stock Exchange on Monday — arguing the Biden administration of “reckless spending” that has exacerbated the economic toll on US households.

“Americans have received a pay cut for 24 consecutive months — the longest streak in American history — as inflation has persisted,” McCarthy said in the speech.

“In fact, since President Biden took office, families have lost the equivalent of $7,400 worth of income,” he added.