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Real Incomes Fall Again Under Biden

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Americans’ inflation-adjusted incomes have fallen again thanks to Bidenomics. The NY Post’s Jack Morphet and Shannon Thaler report:

You aren’t just imagining it: Your paycheck didn’t go as far last year as it did the year before — or the year before that.

Inflation surges outpaced the average pay raises of US workers in 2022 — the third consecutive year under President Joe Biden in which Americans have seen their standard of living take a tumble, according to fresh data from the US Census Bureau.

Inflation-adjusted median household income fell to $74,580 in 2022 — a 2.3% decline from the 2021 average of $76,330, the federal agency reported on Tuesday.

The result has caused many cash-strapped New Yorkers to go out less, buy cheaper groceries, borrow from their family to pay rent – and even consider a move to Canada to escape the crushing impact of the administration’s touted Bidenomics, The Post found.

Americans are watching as Bidenomics destroys their purchasing power. How can they save for the future when prices are rising faster than their incomes?

Action Line: Save til it hurts. Stay focused on the future. Click here to subscribe to my free monthly Survive & Thrive letter.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.
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