Biden’s inflation wrecks economy: Real weekly earnings down 4.4 percent

Americans for Limited Government President Rick Manning today issued the following statement on the latest inflation data.

President (Joe) Biden’s continued wrecking of the U.S. economy is evidenced by prices going up 1.3 percent in June and 9.1 percent for the past 12 months. Real wages after inflation as calculated declined by a full 1 percent in June alone and dropped a whopping 3.6 percent over the past year.

Even worse, employers are scaling back hours by 0.9 percent over the past year, making weekly average earnings or take-home pay 4.4 percent less than they were a year ago. Whether the hours are being scaled back due to the supply chain failures, slack demand or both, this may indicate that the robust jobs economy may be at its end because people don’t pay people to stand around.

“A desperate Biden is meeting with the Saudis today to try to convince them to open their oil spigots, even as he has closed America’s while selling our Strategic Oil Reserve to China,” Manning said. The one good thing that could come from the Biden-Saudi meeting is that it is rumored that Hunter Biden may be joining the new Saudi-backed LIV professional golf tour if the price is right.”