CBS News recently reported that inflation under Biden has cost the average American family over $11 thousand per year. Rest assured, that figure is understated because it is based on “government data.” The tweet below links to the CBS article.
Americans need an extra $11,400 today just to afford the basics. https://t.co/t79U2FLqFv
— CBS News (@CBSNews) November 29, 2023
But if you really want to take a deep dive into what can only be described as the UniParty’s decades-long war on the American middle class, check out David Stockton’s The Destruction of The American Middle Class: Some highlights:
Since money-printing went into permanent high gear after the dotcom crash in 2000, the top 1% of households have gained $20 million each in inflation-adjusted net worth. Likewise, the top 0.1% or 131,000 households at the tippy top of the economic ladder have gained $88 million each in inflation-adjusted net worth. … [in contrast] during the last 22 years the median real annual wage, as tracked by Social Security payroll tax records, has risen by only 14.5% or just $235 per annum.
[the] median annual wage for 2022 was just slightly above $40,000, and that by definition half of the nation’s 172 million workers with wage records earned less than that amount. … this figure amounts to only 65% of the Federal poverty line for a household of 4 persons ($27,750) and is barely above the $14,580 poverty level for a single person household.
Yet “traditional Republicans” … you know, the ones funded by and beholden to the donor class that have gotten richer and richer while the middle class gets poorer and poorer … continue to claim that globalization and “free trade” are good for the middle class.
