{"id":13836,"date":"2024-06-03T18:23:30","date_gmt":"2024-06-03T18:23:30","guid":{"rendered":"https:\/\/lonecandle.com\/?p=13836"},"modified":"2024-06-03T18:23:35","modified_gmt":"2024-06-03T18:23:35","slug":"tell-the-truth-about-bidens-economy","status":"publish","type":"post","link":"https:\/\/lonecandle.com\/?p=13836","title":{"rendered":"Tell the truth about Biden\u2019s economy"},"content":{"rendered":"\n

“Early in his column, Powell writes that since 2019, America\u2019s working-class has \u201cweathered 20 percent inflation<\/a> and now rising interest rates\u2014which means they\u2019ve lost more than a fifth of their purchasing power.\u201d<\/p>\n\n\n\n

This is simply false. You cannot measure a trend in workers\u2019 purchasing power over time by looking exclusively at changes in their costs. Since 1947, the consumer price index has risen by roughly 1,400 percent. If we applied Powell\u2019s logic to that data point, we would conclude that Americans\u2019 purchasing power had apocalyptically collapsed since the Truman administration. But of course, Americans are not poorer today than they were in 1947 \u2014 because since that year, the median US household income has increased by roughly 2,400 percent.<\/p>\n\n\n\n

Similarly, although consumer prices have risen 20 percent since 2019, the average hourly wage<\/a> among nonmanagerial workers in the US has grown by 25 percent over the same period. Put differently, at least for Americans who don\u2019t debt-finance their expenditures, purchasing power is higher today than it was in 2019.”<\/p>\n\n\n\n

https:\/\/www.vox.com\/24134257\/biden-economy-inflation-wages-interest-rate<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

“Early in his column, Powell writes that since 2019, America\u2019s working-class has \u201cweathered 20 percent inflation and now rising interest rates\u2014which means they\u2019ve lost more than a fifth of their purchasing power.\u201d
\nThis is simply false. You cannot measure a trend in workers\u2019 purchasing power over time by looking exclusively at changes in their costs. Since 1947, the consumer price index has risen by roughly 1,400 percent. If we applied Powell\u2019s logic to that data point, we would conclude that Americans\u2019 purchasing power had apocalyptically collapsed since the Truman administration. But of course, Americans are not poorer today than they were in 1947 \u2014 because since that year, the median US household income has increased by roughly 2,400 percent.<\/p>\n

Similarly, although consumer prices have risen 20 percent since 2019, the average hourly wage among nonmanagerial workers in the US has grown by 25 percent over the same period. Put differently, at least for Americans who don\u2019t debt-finance their expenditures, purchasing power is higher today than it was in 2019.”<\/p>\n

https:\/\/www.vox.com\/24134257\/biden-economy-inflation-wages-interest-rate<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[375,217,165,1316,780,1407],"class_list":["post-13836","post","type-post","status-publish","format-standard","hentry","category-article-share","tag-biden","tag-economics","tag-economy","tag-inflation","tag-joe-biden","tag-prices"],"_links":{"self":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/13836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13836"}],"version-history":[{"count":2,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/13836\/revisions"}],"predecessor-version":[{"id":13838,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/13836\/revisions\/13838"}],"wp:attachment":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}