Sharp and sustained economic criticism from Biden's ostensible allies established a narrative of failure that has proved alarmingly resistant to reality.
Tru dat. My point (and the OP article point I think) is that the stacked impact of wage growth, especially at the bottom, has actually outpaced even the significant amount of inflation. And that the latter gets talked about all the time but not the former (which doesn’t have to be nefarious - everyone feels grocery price even if nothing has changed, whereas wage growth a lot of times feels like “well yeah but I got a new job, of course I’m making more now”).
Food inflation of 2.2% now doesn’t mean anything when it was 5% in 2023.
https://www.ers.usda.gov/data-products/ag-and-food-statistics-charting-the-essentials/food-prices-and-spending/
That’s what’s killing Biden. People are spending more at the grocery store week after week or they’re getting less.
2.2% on top of 5% in 2023 on top of 9.9% in 2022…
https://www.ers.usda.gov/data-products/food-price-outlook/summary-findings/
Tru dat. My point (and the OP article point I think) is that the stacked impact of wage growth, especially at the bottom, has actually outpaced even the significant amount of inflation. And that the latter gets talked about all the time but not the former (which doesn’t have to be nefarious - everyone feels grocery price even if nothing has changed, whereas wage growth a lot of times feels like “well yeah but I got a new job, of course I’m making more now”).