It is axiomatic that wage inflation lags price inflation.
The Biden problem is that the lag period is taking place in the final year of his term.
Big Labor in the form of the UAW triumphed against the Big Three auto manufacturers by extracting unearned wage growth. The horrendous general inflation caused the Fed to raise interest rates to the point where buyers can’t afford to buy the now wildly overpriced products that must be financed at an exhorbient rate.
The end of Biden is going to result from the collapse of the auto business and the banks left holding the bag full of repossessed automobiles.
July and August are going to be economically interesting
Not to mention the horrific condition of Commercial Real Estate. I’m surprised more banks haven’t been wiped out by the flood of bad CRE loans.