{"id":131770,"date":"2022-10-06T11:10:29","date_gmt":"2022-10-06T15:10:29","guid":{"rendered":"https:\/\/valorguardians.com\/blog\/?p=131770"},"modified":"2022-10-06T11:10:29","modified_gmt":"2022-10-06T15:10:29","slug":"americans-experience-most-severe-pay-cut-in-a-quarter-of-a-century","status":"publish","type":"post","link":"https:\/\/www.azuse.cloud\/?p=131770","title":{"rendered":"Americans experience most severe pay cut in a quarter of a century"},"content":{"rendered":"

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Many of those who wanted employers to raise minimum wage were happy to see movement towards that objective. A combination of factors resulted in many employers raising the minimum wage to attract employees. Those who had been arguing for increased minimum wage attempted to leverage this fact to point out that employers were capable of raising minimum wage all along. However, inflation entered the picture. Consequently, Americans experienced a heavy pay cut thanks to inflation.<\/p>\n

From Just the News:<\/span><\/strong><\/p>\n

\u201cHow severe are the losses for workers experiencing negative real wage growth?\u201d the group said. \u201cFor the 53.4 percent of such workers in second quarter 2022, the median decline (that is, half of the declines were larger and half smaller) in real wage growth was 8.6 percent. How does the severity of the real wage decline in second quarter 2022 compare with the declines over the last 25 years? The average median decline over the last 25 years is 6.5 percent, with real wage declines typically falling in the range of 5.7 to 6.8 percent\u2026\u201d<\/p>\n

The bank pointed to the Consumer Price Index, which since President Joe Biden took office has elevated to the highest rate in four decades. The Bureau of Labor Statistic\u2019s latest Consumer Price Index surpassed 8% in the previous 12 months.<\/p>\n

Some expenses like groceries saw even larger increases.<\/p>\n

\u201cThe food at home index rose 13.5 percent over the last 12 months, the largest 12-month increase since the period ending March 1979,\u201d BLS said. \u201cThe index for other food at home rose 16.7 percent and the index for cereals and bakery products increased 16.4 percent over the year. The remaining major grocery store food groups posted increases ranging from 9.4 percent (fruits and vegetables) to 16.2 percent (dairy and related products).\u201d<\/p>\n

Those price increases have outpaced wage gains, meaning some workers who even got a raise this year still didn\u2019t see a large enough increase to offset inflationary price hikes.<\/p>\n

\u201cWhile the past 25 years have witnessed episodes that show either a greater incidence or larger magnitude of real wage declines, the current time period is unparalleled in terms of the challenge employed workers face,\u201d the Federal Reserve Bank of Dallas said.<\/p><\/blockquote>\n

But hey, at least we do not have to read mean tweets, right? Just the News has the full story<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Many of those who wanted employers to raise minimum wage were happy to see movement towards … Americans experience most severe pay cut in a quarter of a century<\/span>Read more<\/a><\/p>\n","protected":false},"author":661,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[220,11,613],"tags":[],"class_list":["post-131770","post","type-post","status-publish","format-standard","hentry","category-the-floggings-will-continue-until-morale-improves","category-economy","category-joe-biden"],"_links":{"self":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/131770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/users\/661"}],"replies":[{"embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=131770"}],"version-history":[{"count":0,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=\/wp\/v2\/posts\/131770\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=131770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=131770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.azuse.cloud\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=131770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}