The Biden Administration has been complaining about the American public's negative views on the economy, arguing that people are operating on "false perceptions influenced by right-wing media."
But is this really the case?
Is the economy really booming under Bidenomics and the majority of the US populace is simply ignoring their good fortune?
Never has there been a point in US history when financial conditions were good and everyone preferred they be bad.
In fact, government officials and the media have a well established habit of misrepresenting economic data as a means to convince the public that the system is healthier than it is, and Biden is no exception. People know when their wallets are hurting, gaslighting them is not going to be effective.
Yet another data point released this week supports the position of the public that the nation is not as prosperous the government would like us to believe.
Consumer financial services company Bankrate has released a survey showing that the American jobs market is cooling, indicating that high interest rates are starting to puncture the inflationary consumer spending bonanza along with the explosion in retail hiring triggered by over $8 trillion in covid stimulus. The effects of the helicopter money are fading.
More important, however, was the survey's data on wages.
Over 60% of Americans reported that their wages were lagging well behind inflation.
Among workers who did get a raise or better-paying job, more than half (53 percent) say their earnings lost ground to inflation, up from 50 percent in 2022. In other words, inflation is still eroding worker gains despite the much hyped decline in CPI the past few months.
This information contradicts the claims made by Biden and Democrats that wages are accelerating and beating back inflation.
The situation is actually getting worse by the year. While CPI might show a narrow window in time for inflation, it is diluted by hundreds of consumer categories and services instead of focusing on necessities, where the real price explosion has been. Furthermore, CPI is not an indicator of accumulated inflation over the past few years, which amounts to 25%-30% on average.
A 30% increase in cost of living in the span of three years is a disaster; it's not surprising that Biden and the establishment media would seek to hide it.