The Biden pay cut for Americans
House Speaker Kevin McCarthy has laid out the devastating results of runaway government spending on the middle class and why it’s so important to claw back lost ground for the average American, who has “received a pay cut for 24 consecutive months … as inflation has persisted.”
He also noted the average American family has lost the equivalent of more than $7,000 in annual income.
There is a direct link between spending, borrowing and printing trillions of dollars, and these disastrous results for Americans.
President Biden has spent trillions of dollars the nation didn’t have.
These unchecked costs drove the deficit to record highs and pushed the debt over $31 trillion.
The Federal Reserve simply created the money for the government to spend, and that devalued the dollar with four-decade-high inflation.
That incredible increase in consumer prices explains why workers feel poorer although they’re making more money.
According to the Bureau of Labor Statistics, average weekly earnings are up 9% since Biden took office, but consumer prices have risen 14.9% over that same time.
The result is that real earnings (meaning earnings adjusted for inflation) are down 5.1% under Biden.
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There is much more.
If Biden had his way, he would have spent even more and he is still trying to get a blank check on future spending by doing away with the debt ceiling.
See, also:
Biden rule will redistribute high-risk loan costs to homeowners with good credit
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