Shrinking Paychecks — That’s Bidenomics
‘ Democrats’ historic inflation has swallowed the gains of a tight labor market and stuck workers across the country with a massive pay cut. Worst of all, this Bidenomics tax is hitting low income workers the hardest.’
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the economy:
“In a speech last month, President Biden claimed that American wages were growing faster than inflation, quote, ‘That’s Bidenomics.’
“Unfortunately for working families, the truth of Bidenomics is quite the opposite.
“Even as nominal wages continue to rise, inflation is rising faster. For the third straight year, real median household income is declining. According to the Census Bureau, inflation adjusted income declined last year alone by $1,750.
“In other words, Washington Democrats’ historic inflation has swallowed the gains of a tight labor market and stuck workers across the country with a massive pay cut. Worst of all, this Bidenomics tax is hitting low income workers the hardest.
“The wealthiest 5% of households are earning 4.1% less than they were 4 years ago. But the poorest 10% are earning 6.3% less. And wage gains for manufacturing workers are lagging even further behind those in other industries.
“One contract worker in Michigan said of his job at a hardware store, quote, ‘every time my wage goes up, the price of everything else goes up, and it does me no good,’ and that the price for some construction materials are only beginning to come down by ‘cents when they went up dollars.’
“Mr. President, that’s Bidenomics. And working Americas have every reason to be sick of it.”