Are these stories related? You make the call!
1. Wages are rising due to the difficulty of getting people to take jobs (maybe because they’re being paid more not to work under expanded unemployment.) But at the same time, inflation is pushing consumer prices so much higher that real average hourly wages decreased by 1.7% between June 2020 and June 2021. That means that Americans earning $50,000 a year lost about $850 in purchasing power to inflation. And with Biden and the Democrats determined to pump out trillions more in deficit spending, inflation shows no signs of slowing.
2. The Commerce Department reports that in the three months ending in June, the US economy grew slower than expected, considering the lockdowns were finally ending. Due to supply chain disruptions and labor shortages (see above), GDP grew at only a 6.5% annual rate. Economists were expecting 8.5% growth. First quarter growth was also revised downward from 6.4 to 6.3%.
3. Six months into his Administration, President Biden’s approval rating with likely voters has taken a plunge. Rasmussen’s poll is based on a three-day rolling average, and Biden has generally polled in the high 40s to low 50s. As of yesterday it had dropped to an all-time low of 46% with 52% disapproval.
See any connection? If you do, forget about ever working for CNN.