I had to replace a dead battery in my car yesterday. It now costs twice as much as it used to. Then I filled up my tank with nearly $3 a gallon gas.
“Rising prices on everything from groceries to gasoline have eaten away the wage gains workers have seen since the start of the year, leaving most Americans earning less than they were before the pandemic began and derailing the White House’s argument that paychecks have grown under President Joe Biden’s tenure.
Prices climbed 0.5 percent over the month from June to July, a slower pace than in recent months but still sizable enough that it outpaced the healthy wage gains workers across the income spectrum have received. As a result, real earnings decreased 0.1 percent over the month, government data shows. …”
Always keep in mind, the CPI is a LIE !
With seasonal and heuristic adjustments the official numbers are manipulated to be lower than reality.
The U.S. WILDLY underestimates (lies about) inflation. For example, medical care costs have risen an average of about 6 percent per year in the last decade, but the CPI (Consumer Price Index) average is only 2.8 per cent. Real life experience teaches us that government is lying with statistics, as dishonest with numbers as any commercial sales representative.
All your wage gains are belong to me!
Paychecks rarely get bigger……..they just keep up with the increasing prices of everything else.
In my country, the average new car price was about $7000 in 1980………..but the average weekly wage was about $90. With diversities coming in to do the ‘jobs that locals won’t do’, putting downward pressure on today’s wages, everyday items are harder to attain.