Americans saw ‘most severe’ pay cut in 25 years under Biden

Posted on AllSides October 6th, 2022
From The Right
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Americans battered by soaring inflation since President Biden took office have effectively suffered the steepest pay cut in a quarter-century, according to data released by the Federal Reserve.

Researchers for the Federal Reserve Bank of Dallas published new findings that calculated “real wages” — the effective income of workers when adjusted for inflation.

“We find that a majority of employed workers’ real (inflation-adjusted) wages have failed to keep up with inflation in the past year,” the researchers said. “For these workers, the median decline in real wages is a little more than...

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