Once again, inflation has outpaced the projections of economics. It's almost as if these economists aren't out there living in the real world like the rest of us. Prices are obviously soaring.
In June inflation increased by a 40-year high of 9.1%. I think we all knew inflation is coming in hot.
But wait, there's more.
Not only are the cost of goods soaring, but earnings are actually decreasing. The real average hourly earnings for all employees from May to June dropped by a full 1.0%.
CNN’s John Berman: “Just look at that chart you can just see [inflation] go up and up and up” pic.twitter.com/FXk8rFET7k
— RNC Research (@RNCResearch) July 13, 2022
“Real average hourly earnings for all employees decreased 1.0 percent from May to June,” the BLS report states.
“Real average hourly earnings decreased 3.6 percent, seasonally adjusted, from June 2021 to June 2022,” the BLS adds, also pointing out that a year-over-year decrease in the average workweek “resulted in a 4.4-percent decrease in real average weekly earnings over this period.”
Even CNBC knows the Biden administration is a disaster.
CNBC: "No relief" from inflation under Joe Biden pic.twitter.com/l67B1A2Tfi
— RNC Research (@RNCResearch) July 13, 2022
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