COMMENTARY_ Republicans must make the economy central in 2024 election campaigns

THE WASHINGTON TIMES

Republicans must make the economy central in 2024 election campaigns

Republicans make the economy central in 2024 election illustration by Alexander Hunter/The Washington Times more >

COMMENTARY

By Scott Walker - - Thursday, November 30, 2023

OPINION:


A typical American household must spend $11,434 more each year to maintain the standard of living they enjoyed in January 2021, according to a new report. Stated differently, Republicans win if the 2024 election is a referendum on the economy.

The analysis cited by Republican members of the Senate Joint Economic Committee examines government data such as the consumer price Index to determine the impact of inflation state by state. You don’t need to be an economist to understand the challenges working people face these days.

Defenders of President Biden point to higher wages but ignore the reality that wages have not kept pace with inflation. A new survey by Bankrate shows 60% of working Americans say their income has lagged inflation over the past 12 months. That number is up from 55% last year.

The survey also found that more than half of the workers who did get a pay raise or moved to a higher-paying job could still not keep pace with inflation. From 2021 until now, the price of consumer items has gone up by 16.7%, while wage growth has been around 12.8%.

According to the Bureau of Labor Statistics, the typical hourly worker made $10.96 in real earnings per hour in October 2022. That wage grew by only 0.8% to $11.05 in October 2023. At the same time, inflation rose 3.2%.

Since January 2021, average hourly pay for workers has increased by 13.6%, but inflation has more than eaten up the wage increases. This is particularly damning for middle- and low-income households, as the report shows food, transportation, housing and energy costs account for almost 80% of every dollar in added spending.

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READ MORE: https://www.washingtontimes.com/news/2023/nov/30/republicans-must-make-economy-central-in-2024-elec/

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