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This didn’t age well, at least for the moment. Yesterday, Joe Biden defended his economic plan for “working Americans” by pointing to wage improvements, among other metrics. The results of his policies, Biden claimed, showed that economic improvement was spread across the board, not just for the wealthy.
He might have waited a day before making this claim:
After weeks of defending his economic policies against critics who blame them for overheating the economy, President Joe Biden went on the offensive Thursday, arguing that rising wages are a sign his agenda is boosting the fortunes of working Americans.
The stagnation of average earnings and rising income inequality in the United States since the 1970s has not only motivated economic research but has also informed discussions about.
The pickup in inflation is coming as rebounding demand and supply shortages push costs higher.Credit.Karsten Moran for The New York Times
Prices are climbing at the fastest pace since 2008, a key index released on Friday showed, an increase that is sure to keep inflation central to economic and political debates.
The Bureau of Economic Analysis’ personal consumption expenditure inflation measure climbed 3.6 percent in April from the prior year the strongest reading in 13 years and more than the 3.5 percent gain that economists in a Bloomberg survey had expected.
The core price index, which strip out volatile food and fuel prices, rose 3.1 percent in the year through April the fastest pace since 1992. Prices rose 0.7 percent compared with the prior month, the biggest increase in two decades.