Biden-Era Inflation Drives Up Costs, Outpaces Wages, and Pushes Households Toward Record Debt

Inflation has created the largest gap under Biden between wage growth and loss of purchasing power, costing workers $5.26 per hour
Prices have risen 18% since Biden took office while average wages only grew from $29.93 to $34.55 per hour
Accounting for fewer hours worked per week, Americans are earning even less today than in January 2021
Economists blame high spending policies under Biden, like the $1.9 trillion American Rescue Plan, for exacerbating inflation
Struggling households are bridging gaps by relying more on credit cards and buy-now-pay-later plans, driving up debt to record highs