The Consumer Price Index (CPI), a key inflation index, hit its highest rate in OVER 40-years high in May. The CPI increased 8.6% over the past 12 months, its highest rate since December 1981.
MAKE NO MISTAKE: Inflation is a tax on ALL Americans, and it has steadily increased over the span of Joe Biden’s failed presidency. As inflation has continued to skyrocket, wages have actually DECREASED.
BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:
Inflation is a tax on ALL Americans.
In May, the CPI increased 8.6%for the 12 months ending May, the largest 12-month increase since the period ending December 1981.
Wages are not keeping up with inflation, and have actually DECREASED, while prices for goods have risen.
Real wages are down nearly 4% from the beginning of the Biden Administration.
Real average hourly earnings decreased 3.0%, seasonally adjusted, from May 2021 to May 2022.