According to the US Census Bureau, inflation outpaced the average salary raises of workers in 2022 — marking the third straight year under Biden that Americans’ standard of living have tumbled.
As relayed by the New York Post:
“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.“
That fact reportedly has more Americans spending less time going out and spending money on businesses Americans are also curtailing what they spend on entertainment, given the rising costs, the Post reported.
In other words, the economy has slowly but surely almost entirely gone in the tank over the last three years.
Per the Post:
“American incomes have been slipping gradually since 2020, when households enjoyed average earnings of $76,660.
This figure has dropped a whopping 4.7% since its peak in 2019, painting an ugly picture of how Biden’s economic policies have failed to counter pressures provoked by the pandemic — thus keeping inflation stubbornly high and wage gains too slow to keep up.”
Read More Here: US Incomes Drop for Third Straight Year Under Biden
