Real Wages Have Declined By This Much Since Biden Took Office

President Biden recently marked one year in office. He’s giving himself high marks for his handling of the economy so far, recently tweeting that “the Biden economic plan is working, folks.”That’s not what the numbers show. 
Devastating new data reveal that while nominal wages have risen over the last year, Americans’ real wages have declined. 
Your nominal wage is the number that shows up on your paycheck. Your real wage is what your paycheck can buy you—basically, your wages relative to inflation.
When we look at this much more important metric, the “Biden economic plan” doesn’t look so hot after all. 
The latest inflation data show consumer prices rising 7.5% from January 2021 to January 2022, Biden’s first year in office. Over that same time period, wages rose just 5.7%. 
As a result, real wages have fallen 1.7%. That means Americans’ actual purchasing power has dropped—aka, workers have gotten poorer. 
Image Credit: Andy PuzderBiden’s defenders might blame the pandemic, which certainly isn’t in the president’s control, for the sluggish wage growth and surging inflation. But as the above graph shows, the economy under President Trump in 2020 was not experiencing these same prob …

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