by Daniel Honchariw, Nevada State Director for the State Freedom Caucus Network, in the Elko Daily, August 12, 2022
Prior to Wednesday’s release of July’s Consumer Price Index (CPI) report — which showed the rate of core inflation has ever-so-slightly decelerated to 8.5% year-over-year — President Biden confidently boasted the report would be “the cherry on top” of his recent alleged wins.
In reality, July’s CPI report hardly constitutes any kind of a win for Team Biden — no matter how desperate its supporters may be to identify one — especially when viewed in the context of real earnings.
Real (inflation-adjusted) average weekly earnings have plummeted since Biden was inaugurated. For 16 straight months now (YoY), the real-world value of workers’ paychecks has decreased as inflation continues to feast on wage gains.
The US Bureau of Labor Statistics on Wednesday also reported that, from July 2021 through July 2022, workers experienced a “3.5 percent decrease in real average weekly earnings.” In other words, your paycheck might have increased over the past year, but your overall spending power has likely decreased.
Biden has, predictably, ignored this nuance in his framing of the report — “Inflation was ZERO,” he disingenuously proclaimed — but voters surely feel the financial pain of consistently sky-high prices on everyday items like food, gas, and utilities.
No matter how Biden chooses to spin Wednesday’s CPI report, Nevadans are still suffering under the weight of Bidenflation.