(LibertySociety.com) – On March 4, economist Steve Moore appeared on Fox Business to boast about February’s jobs report numbers. His victory lap was cut short, however, when host Dagen McDowell reminded him about record-breaking inflation rates.
The analyst started praising the Biden administration for creating “fantastic numbers” in the economy when McDowell reminded him to dig a little deeper into the data. Although job numbers might appear positive on the surface, year-over-year earnings didn’t keep up with the 7.5% inflation rate in the United States. In fact, Americans made less money overall because earnings increases lagged behind price hikes by a shocking 2.4%.
Moore continued to press the issue by stating he loved the job growth across many industries while agreeing with the point about wages.
Fox News' Dagen McDowell: "Wages are NOT keeping up with inflation." pic.twitter.com/PLudEFo8TT
— RNC Research (@RNCResearch) March 4, 2022
While wages and job growth are slightly different issues, they’re related. There might be more jobs available to choose from today, but Americans are essentially earning less than they did a year ago doing the same work. Unless wages keep up with inflation or beat it outright, every citizens’ dollars will cover fewer goods and services.
Before any economist or the administration takes the report as a sign the economy is booming under President Joe Biden, perhaps they need to look at the big picture.
Do you think out-of-control inflation dampens any perceived gains for the average American?
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