JFlorio wrote:
https://www.foxbusiness.com/economy/started-going-inflation-adjusted-hourly-wages-lower-today-biden-took-office
First of all, inflation is driven by the market not the president. Sorry to disappoint you but we ARE still a free market economy. So as much as I'm sure you want to blame Biden for ALL the inflation that ever happened, it's just not much of an argument.
That being said yes, inflation-adjusted wages are lower now than under Trump. What Fox conveniently leaves out is that they were also lower under Trump than they were under Obama. In fact, inflation adjusted wages have been declining for decades. I'm sure you've heard the term stagnant-wages... A term that's been bouncing around since the 80's. That's what stagnant wages means... it means that when adjusted for inflation, the wages are not increasing.
That being said... wages are only one factor of influence. The fact that personal income increased $66.5 billion is closer to the bottom line. There can be several reasons for a bottom line that defies the assumption about stagnant wages such as the decline in unemployment.
This is another ongoing trend that your trying to blame Biden for. The fact of the matter is the national debt grew under Trump too. In fact, Trump is the first president to increase the debt as much as he has without an economic recovery or a war to blame for it. Economists even started to emphasize the difference between obligatory spending (most of what Obama added to the debt was actually to pay off obligations from the Bush administration) and "new" spending, where the current government just decides to spend more. In Trump's case, it's a double whammy... He authorized more new spending than Obama did AND he cut taxes so deep that it prevented the government from covering existing expense, forcing us to borrow more.
Take a look at the article again, right under the chart it says...
A major culprit is the GOP tax cuts, enacted in late 2017. They significantly reduced government revenues. Goldwein estimated the tax cut law could account for about $1 trillion of the debt increase during the Trump years. But the impact of the law extends well beyond that, if Congress doesn’t change it. The CBO estimated the 2017 tax law would add $1.9 trillion to yearly deficits over a 10-year period.Maybe you should read these articles through before posting them. I honestly wish you folks would, you do this all the time, you look for links to dispute my arguments based on the headlines and don't even bother to understand the details.
Yet another ongoing trend. US credit card debt has been climbing for decades too. I've been tracking the "three debts" for ages... national debt, commercial debt and personal debt and the one thing remains consistent is that national debt always has the lowest rate of increase.
So to sum this up... Any improvement or degradation by a president is going to be applied to a much bigger trend that's been going on since the 70s. So in the big picture, Americans have progressively been doing worse since then. Some presidents such as Obama (and I think Biden too) have slowed the process down a little bit and maybe even alleviated some of the pain, others such as Trump have exacerbated the problem.
I wish people would understand this more, but unfortunately, these issue never seem to hit the media unless it's tied to a political attack on a president. I'll wrap this up with an analogy...
When an obese man gradually goes from 160lbs to 500lbs in ten years, it doesn't make sense to blame it all on what he ate in the last year.