The Republican National Committee is ripping into President Joe Biden, saying inflation has erased wage gains.
In a tweet posted Thursday morning, the RNC said: “#Bidenflation has wiped out wage gains. Hourly earnings have decreased 2.4% since last December!
“Joe Biden keeps saying it is transitory, but it looks like it is her to stay.”
CNBC reported on Wednesday that despite higher wages, inflation gave the average worker a pay cut of 2.4% last year.
The Consumer Price Index soared 7% in December from a year ago, the Labor Department said. Average pay increased to more than $31 an hour – a 4.7% annual increase.
Seasonally adjusted data by the Labor Department shows the higher consumer prices resulted in the average worker getting the 2.4% pay cut last year, according to CNBC.
“In what was the best year for wage growth that we have seen in many, many years, it still comes up as a loss for many households,” said Greg McBride, chief financial analyst for Bankrate. “Their expenses increased even faster and chewed up all of the benefit of whatever pay raise they had seen.”