Changes in the inflation rate allow Democrats and Republicans to make accurate statements about the economy and Americans’ incomes
WASHINGTON D.C., DC — President Joe Biden went on the road this week, and he followed up his State of the Union address by touting his promises and actions to improve the economy.
President Biden said his policies are helping turn the economy around. “Growth is strong,” he said to applause from those in attendance. “Wages are up more than prices.”
QUESTIONS
- Have wages recently risen faster than inflation?
- Have real average wages fallen since Joe Biden became President?
SOURCES
ANSWER
President Biden and his Republican critics are both correct, based on the lack of timeframe in his statement.
WHAT WE FOUND
Real average wages is a statistic used to show the spending power of employment. The Bureau of Labor Statistics and Federal Reserve Bank of St. Louisboth track it. They adjust weekly average earnings for inflation based on …
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