The voters knew it instinctively on Tuesday, but the numbers also prove that Americans are worse off since Joe Biden became president.
On Thursday, it was reported that real wages have declined since 2020 when Joe Biden took office.
Per Zero Hedge:
As Statista’s Felix Richter reports, according to exit polls, 46 percent of voters in key states said that their family was worse off now than it was four years ago, the highest ever in presidential exit polls. But is that really true or are we seeing what some economists described as a “vibecession”, i.e. an overly negative perception of an economy that is doing alright?
The reason? Bidenflation has delivered a severe setback to us all.
During the current inflation crisis, this has been the case from April 2021 to April 2023, when average real hourly earnings declined for 25 consecutive months on a year-over-year basis. In May 2023, real wages began to rise again as nominal wage growth outpaced inflation once again as it normally should.
By looking at cumulative wage growth and price increases since November 2020, we can at least try to answer the question of whether or not Americans are better off than they were four years ago and the answer is: not really.
Between November 2020 and September 2024, nominal wages increased 19.2 percent on aggregate.
During the same time, consumer prices have surged by 20.6 percent, though, meaning that prices hikes have erased any wage growth and left real wages 1.1 percent short off where they were four years ago.
Biden has seriously damaged this country.
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