According to the latest Labor Department figures, it has been recorded that the American gas prices are increasing way more than the increase in wages. The good news is that the average hourly earnings increased by 0.4% in October, almost in line with the estimates, but the bad news is that inflation increased by 0.9%, far more than expected.
Estimates show that the Americans were half a percentage point poorer in October than in September, thanks to Bidenflation. The chief economist of President Donald Trump’s National Economic Council, Joseph LaVorgna, interpreted the situation by stating that inflation will surpass solid wage growth. And what wage growth exactly? The employers are now offering more wages to attract workers into the labor force after the government has bribed them for so long to stay at home. Employers have also provided increased wages to their existing workers. Still, it’s all not to matter because Bidenflation is high, and even the wage raises cannot fight inflation. The shrinkage is very real.
On Wednesday, Lawrence Person reported something that suggested that the October news is about to get worse. He said that the prices for unprocessed goods had gone up 56% from a year ago, and with the current rate of increase, the gas prices will probably increase up to $6/gal by Easter. That means it will cost up to $120 to fill up a 20-gallon tank which is way more than a day’s take-home pay for those who can barely afford it. The federal reserve needs to get serious about fighting inflation before people start worrying about the fact that the $6 increase right now may turn into something they envy by the end of this year.