the staff of the Ridgewood blog
Ridgewood NJ, this week’s report on earnings and inflation from the Bureau of Labor Statistics Usual Weekly Earnings Summary (bls.gov) contains more bad news for workers:
Median weekly earnings in Q3 2021 were $1,003 – just 0.7% higher than a year earlier ($996). Inflation was 5.3% over the same time period.
Once again welcome to the 1970’s ,after adjusting for inflation workers are actually losing $50 a week under Biden.
Experts predict gas prices will raise to $5 a gallon in the next month and food prices are expected to rise by 10% over roughly the same time period. Currently the average price of gasoline in the state ranged from $3.32 a gallon in Sussex County to $3.47 a gallon in Somerset County. Monmouth and Ocean counties averaged about $3.39 a gallon, according to AAA Fuel Gauge Report.
All of this makes a mockery of the Biden admin claim that the higher inflation is a sign of a strong economy. This is like saying that obesity is a sign of affluence and good health.
Worse news still for the White House: New polling finds “62% of American voters say the administration’s policies are either somewhat or very responsible for increasing inflation, including 41% of Democrats, 61% of independent voters and 85% of Republicans.”