What does the newly released May jobs report show? The “regressive tax” of Bidenflation is hammering workers.
The Great American Pay Cut continues, as wage growth of 5.2% over the last year came nowhere close to April’s consumer price hike of 8.3%.
That means “real wages continue to decline” as the economic fire alarm blares for American families. As noted by CNBC’s Rick Santelli, there are major “canaries in the coal mine” warning that things are going to get a lot worse. Among the bad news: It was the weakest jobs growth in 12 months and American families now have an average of $9,000 less in savings than last year.
So what to expect from Biden? Like every month, expect him to take a victory lap and claim that the economy is great, all while Americans see their paychecks shrink and prices surge. He does so regardless of the facts. Unfortunately, don’t expect him to actually take steps, like rolling back his attacks on American energy, that will help families make ends meet.
It’s a victory lap as offensive and out-of-touch as publishing a website touting “progress” on the baby formula crisis as out-of-stock rates surge to 74%.
