Biden tagged as ‘pay-cut president’ as soaring inflation erodes wages again
Inflation hits 9.1% in June, highest rate since 1981
By Dave Boyer - The Washington Times - Wednesday, July 13, 2022
Republicans are labeling President Biden as “the pay-cut president” after a report Wednesday showed that inflation soared at an annual rate of 9.1% in June and workers’ wages fell further behind at a record pace.
The Consumer Price Index jumped 1.3% last month, the Labor Department said, bringing year-over-year inflation to its highest level in 41 years.
The report also showed that real wages fell 3.6% from a year ago. It was the 15th straight month of real wages declining under Mr. Biden, and even Democrats are sounding an alarm.
“The decline in real average hourly earnings at this point is terrible, the fastest pace of decline in 40 years,” tweeted Obama White House economist Jason Furman.
Excluding food and energy costs, core prices rose 0.7% from May to June, the biggest increase in a year. Energy costs contributed to nearly half of the overall increase in inflation.
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READ MORE: https://www.washingtontimes.com/news/2022/jul/13/us-inflation-reached-a-new-40-year-high-in-june-of/
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