Posted on 07/12/2023 1:38:10 PM PDT by rktman
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Using statistics from the Department of Labor, The Wall Street Journal reports that real hourly wages during the Biden presidency have declined.
When Biden took office in January 2021, the average hourly wage adjusted for inflation was $11.39. Now, 29 months later, it stands at $11.03, a 3.16% decline.
Stephen Moore of the Committee to Unleash Prosperity reports that the latest jobs report from the Bureau of Labor Statistics says that in the month of June, the largest growth in employment in the U.S. economy came from government.
Government net increase in employment in June was 60,000 workers, almost 20,000 more than the second-highest increase in the health-care sector.
The economic legacy of the Biden administration, which they call Bidenomics, is expansion of government at the expense of the private sector along with massive spending, which has produced the worst inflation in 40 years, resulting in erosion of the pay of American workers.
But what should really be worrying every American is that the Biden administration experience is not a departure from an otherwise healthy trend that can be quickly turned around with a Republican victory in 2024.
Biden is taking the nation down a dangerous path that began years ago and is in a long-term destructive trend that will take the boldest kind of leadership to turn around.
Economist John Cochrane of Stanford University's Hoover Institution notes that "creeping stagnation is the central economic issue of our time."
"Economic growth since 2000 has fallen by half compared with the last half of the twentieth century," continues Cochrane.
(Excerpt) Read more at townhall.com ...
Actually really started on 1/20/2021.
But all of these people on the lower income scale VOTED for this, so why should I care? I go out of my way to make fun of them to their face, because this is what they voted for.
We had a Good Run.
It's hard to say when our decline started.
In terms of domestic tranquility, global power, and economic prosperity, I think we peaked in the early 1960s. The decline began around 1965, though nobody knew it at the time.
The occasional bright spots (e.g., the moon landing, the fall of Communism) blinded us to our inner decay.
Reagan gave us some brief economic improvements and foreign victories, like some of the better late Roman emperors, but he failed to stem the inner rot.
Trump only slowed the decline. This country was too far gone by the time he took office.
Besides unleashing inflation, because trade deficits before had to be paid for in gold, international trade imbalances had to remain small because the importer's currency had to fall and the exporter's had to rise. In 1971, Nixon enabled unlimited trade deficits, with the dollar propped up by higher interest rates. This also stiffed our biggest importers, the oil states. Not surprising we got embargoed and had to suddenly pay much more for oil.
In addition, Congress under the Constitution controlled the currency by setting the exchange rate in gold. Now the Federal Reserve controls the value of the currency by setting interest rates, not for the nation's good, but for the banks'.
Nixon also created the alphabet agencies that began an immediate assault on US heavy industry, making them spend billions on pollution controls while at the same time leaving the US exposed to unlimited cheap imports. US heavy industry began to collapse, with steel plant after steel plant and almost all of our shipyards closing.
LBJ........
But inflation rose by only 0.2%.
They should stop by our house. I don’t think that means what they want US to think it means.
We must double down on Amish Worship efforts.
I was just going to say...the election of LBJ over Barry Goldwater was the end.
Inflation is only 0.02% ??? Well, the president has been saying that the economy is getting better. He’s said some other things, too.
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