The latest numbers from the Bureau of Labor Statistics show that inflation has gone up 3.3% compared to this time last year, bringing the cumulative rate of inflation under President Biden since his inauguration – his Presidential Inflation Rate (PIR) – to 20.1%. But how does this compare to weekly wages?
Wages have increased 14.6% since President Biden’s inauguration, an increase but not as much as the rise in prices. Currently, wages trail the PIR by 5.5%.
This means that the purchasing power for the average family has decreased 5.5% since President Biden took office.