Buried deep in the March jobs report is the punchline that pulls the rug out from under any happy talk about the Biden economy. To quote the Bureau of Labor Statistics (BLS) summary, “Average hourly earnings for all employees on private nonfarm payrolls rose by 13 cents to $31.73 in March. Over the past 12 […]
Buried deep in the March jobs report is the punchline that pulls the rug out from under any happy talk about the Biden economy. To quote the Bureau of Labor Statistics (BLS) summary, “Average hourly earnings for all employees on private nonfarm payrolls rose by 13 cents to $31.73 in March. Over the past 12 months, average hourly earnings have increased by 5.6 percent.”
“That’s right, the harder you work in the Biden economy the less your money buys.”
Sounds like good news, right? In the past year, average hourly earnings have increased by 5.6 percent. Only one problem: the same BLS reported [recently] that in February the cost of living grew by 7.9 percent over the previous year.
So, April Fools! The 5.6 percent reported raise received by Americans is actually a real wage cut of [2.3] percent. That’s right, the harder you work in the Biden economy the less your money buys.
Everyone knew that Joe Biden’s political career began in the early 1970s, but no one expected him to go back to the future by transforming our 21st century economy into the vicious wage-price spirals of the decade that brought us disco.
Rick Manning is president of Americans for Limited Government (ALG). The organization says it is a “non-partisan, nationwide network committed to advancing free-market reforms, private property rights, and core American liberties.” This op-ed is drawn from a news release the ALG issued on April 1, in response to the BLS report providing the latest job numbers and hourly earnings statistics.
