Inflation Still Chipping Away at Workers’ Earnings

For the better part of 2021, there’s been an inflation crisis brewing in the United States. It’s been a crisis the White House has repeatedly denied, despite all facts, evidence, and logic to the contrary.

The Biden administration’s claims that inflation was nothing more than “transitory” turned out to be false. They are now shifting to another falsehood, which is the insistence that America can somehow buy our way out of inflation by passing more spending bills.

The country’s issues with inflation are not going away. In fact, they’re only getting more ominous. Fox Business, for instance, is reporting that inflation is chipping away at the earnings of workers, including workers employed by reputable companies.

The Ugly Reality of Inflation

According to the centrist Brookings Institute, at least 50% of frontline workers’ wages on average are gone, thanks to inflation. Likewise, inflation overall has led to a 7% drop in wage gains across the United States.

Across the board, employees for companies like Chipotle, Macy’s, Best Buy, Gap, etc., are struggling. Wages that were once considered livable are not so much viewed this way anymore, due to inflation and rising living expenses.

In other words, the diminishing spending power of the US dollar is making life harder for people who are trying to get by and struggling to support themselves. Millions upon millions of Americans are adversely impacted by the ugly reality of rising inflation across the country.

The Biden administration is not doing these workers any favors by denying the reality of inflation. White House aides may be able to bury their heads in the sand.

However, for frontline workers and others who are seeing their paychecks get smaller and smaller, they don’t have the luxury of pretending as if inflation is not a very real problem.

When Will Inflation Begin to Subside?

At some point, something has to give. It is not feasible for inflation to continue indefinitely without causing significant damage to the country.

With the midterm elections coming up, there is a very real likelihood of Republicans winning back control of the Senate and House from Democrats. If this happens, it will stop the passing of various destructive spending proposals that have led to today’s inflation.

At this point in time, getting Congress out of the hands of the Democrats, and thereby breaking the party’s monopoly on the federal government, is one of the best hopes of stopping inflation.

What is happening right now needs to change, both for the sake of workers and the United States in general.

What are your thoughts about the impacts inflation is having on the earnings that workers are able to take home? Do you think the spending power of the US dollar will keep falling? Let us know in the comments area.