Bidenflation: Real Hourly Pay Suffers One of the Worst Collapses Ever

TAMPA, FL - SEPTEMBER 15: Democratic presidential nominee Joe Biden participates in a roundtable event with military veterans at Hillsborough Community College on September 15, 2020 in Tampa, Florida. Biden is making stops in Tampa and Kissimmee in the pivotal swing state of Florida. (Photo by Drew Angerer/Getty Images)

Breitbart: It is getting harder and harder for American workers to make ends meet as rising inflation outpaces pay gains, pushing down inflation-adjusted compensation at a pace almost never seen before.

“Now to the one who works, his wages are not counted as a gift but as his due.” Romans 4:4

Adjusted for inflation, hourly compensation fell 2.7 percent in the second quarter, data released by the Bureau of Labor Statistics on the nonfarm business sector showed Tuesday.

Real compensation fell 2.8 percent in the fourth quarter of 2011. That decline came in part because unadjusted wage gains were very small, just 0.5 percent. The economy was just extremely sluggish, with a low level of demand for labor following the financial crisis and the collapse of the housing bubble. The consumer price index increased 3.3 percent in the quarter.

The only other comparable contraction was in the first quarter of 1974, when real compensation fell 2.1 percent. Read More