Joe Biden: “Wages rose faster than inflation”
PolitiFact Judgment: Mostly Wrong
Reason: When President Joe Biden attended the International Climate Conference in Glasgow, Scotland Defended the record in the US economy.
Biden attended the UN COP-26 Summit and faced supply chain challenges and high inflation in his home country. At a news conference, he said the United States is still in a better position than it was a year ago when the coronavirus pandemic restricted family gatherings and hampered the economy.
“We are all in a very different situation at this Thanksgiving,” Biden said on November 2. “Things are much better and wages have risen faster than inflation.”
With regard to inflation and wages, Biden has been right in the last two months (August and September 2021). However, inflation has outpaced wages early in the presidency, so the big picture hasn’t changed much in the last two months. Overall, Americans are worse than they were a year ago when comparing inflation and wages. (The White House didn’t answer the question about this article.)
We looked at two common indicators. Inflationary consumer price index and average hourly wage of private employers. Specifically, we compared the current values ​​of both measurements with those of December 2020, just before Biden took office.
Inflation increased by 4.8% during this period. Wages are not rising so rapidly. They increased by 3.1%.
Inflation and Cumulative Wage Rise January-September 2021
“Consumer prices have risen faster than the wages of all wage earners in recent months,” said Gary Burtless, an economist at the Brookings Institution. rice field.
Biden has been in a safe place where data is available for the past two months.
Inflation in August rose 0.27% month-on-month and wages rose 0.36%. And inflation rose 0.41% in September, and wages rose 0.62%.
Inflation exceeded wages every month in the presidency. Wage growth outpaced inflation in August and September 2021 after a delay from January to July.
Our Judgment
Biden said, “Wages rose faster and higher than inflation.”
That was the case in August and September. However, the profits from these two months have just begun to withdraw inflation-adjusted wages from the holes they entered during the first seven months of Biden’s tenure.
We mainly misjudgment the statement.
Source
Joe Biden, Note at Press Conference, November 2, 2021
St. Louis Federal Reserve Bank, Consumer Price Index, November 2, 2021 Access
St. Louis Federal Reserve Bank, Average Hourly Wage for Private Employers, 2021 Accessed September 2, 2021 November
E-mail interview with Dean Baker, Senior Economist at the Center for Economic Policy Research, November. E-mail interview with Gary Bartles, Senior Fellow of Brookings Institution, November 2, 2021,
November 2, 2021, Indeed Hiring Lab, Director of Economic Research, North America, Nick Bunker, November 2, 2021 E-mail interview with