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February 2, 2024 | Rapid Response | RNC Communications
Economy

Higher costs and less take-home pay

Rapid Response

Is Joe Biden going to celebrate a jobs report that showed that workers are taking home less money per week?

Don’t take our word for it, according to former Obama economist Jason Furman, the fall in weekly hours indicates that the amount of money workers are taking home each week actually went down.

Under Biden, 62% of Americans are living paycheck to paycheck, and now their weekly paycheck is under increased pressure. In fact, the number of Americans working part-time for economic reasons increased for the second month in a row, as the underemployment rate grew to 7.2%.

Meanwhile, costs are up 17.3% and real wages are down 2.5% since Biden took office, with necessities like food, rent, and energy seeing some of the largest spikes.

Higher costs and less take-home pay, that’s “Bidenomics.”