Americans battered by soaring inflation since President Biden took office have effectively suffered the steepest pay cut in a quarter century, according to data released by the Federal Reserve.
The Federal Reserve Bank of Dallas published new findings which calculated “real wages” — the amount of money Americans take home when adjusted for inflation.
“We find that a majority of employed workers’ real (inflation-adjusted) wages have failed to keep up with inflation in the past year,” the bank said.
“For these workers, the median decline in real wages is a little more than 8.5%.”
The Dallas Fed added: “Taken together, these outcomes appear to be the most severe faced by employed workers over the past 25 years.”
Poster Comment:
the median decline in real wages is a little more than 8.5%.