Americans’ inflation-adjusted incomes have fallen again thanks to Bidenomics. The NY Post’s Jack Morphet and Shannon Thaler report:
You aren’t just imagining it: Your paycheck didn’t go as far last year as it did the year before — or the year before that.
Inflation surges outpaced the average pay raises of US workers in 2022 — the third consecutive year under President Joe Biden in which Americans have seen their standard of living take a tumble, according to fresh data from the US Census Bureau.
Inflation-adjusted median household income fell to $74,580 in 2022 — a 2.3% decline from the 2021 average of $76,330, the federal agency reported on Tuesday.
The result has caused many cash-strapped New Yorkers to go out less, buy cheaper groceries, borrow from their family to pay rent – and even consider a move to Canada to escape the crushing impact of the administration’s touted Bidenomics, The Post found.
Americans are watching as Bidenomics destroys their purchasing power. How can they save for the future when prices are rising faster than their incomes?
Action Line: Save til it hurts. Stay focused on the future. Click here to subscribe to my free monthly Survive & Thrive letter.
Originally posted on Your Survival Guy.
