Thanksgiving shows how Biden actually lowered the minimum wage
When Joe Biden ran for president last year, he talked about establishing an hourly minimum wage of $ 15.
President Joe Biden did not make this possible. Most outgoing senators do not support it. Then Biden gave up on the problem. He has not pushed to increase the federal minimum wage, which has been stuck at $ 7.25 an hour since 2009. This is the case even though several Republican senators support a lower increase or indexation of wages to the hour. inflation, like Mitt Romney of Utah, Tom Cotton of Arkansas, Lindsey Graham of South Carolina, Susan Collins of Maine and others.
Under the Biden administration, the opposite has happened: the minimum wage is effectively lower than it was when it took office – and Thanksgiving next week is proof of that.
The country is experiencing rapid inflation. The inflation rate of 6.2% is the worst since 1990. The prices of food and consumer goods are increasing. Next week’s Thanksgiving dinner will also cost more.
If someone earns minimum wage in New Hampshire, a state with no income tax, they can expect to make $ 255 a week if they work 40 hours a week, according to SmartAsset . While the average cost of a Thanksgiving dinner last year was $ 46.90, according to CNBC , it will cost between 4 and 5% more this year, a difference of a few dollars.
Although it may not seem like much, inflation is a price consumers have to pay every time they shop. It is regressive in that it touches inelastic necessities such as food, clothing, and gasoline. That said, a minimum wage worker ‘s pay does not go as far as it did last year. Although the purchasing power of a minimum wage worker almost always declines due to inflation, it is happening at a much faster rate than normal. In the 2010s, an inflation rate below 3% (and sometimes less than 1%) was the norm.
While this inflation isn’t entirely Biden’s fault, and the Federal Reserve plays an important role, the administration doesn’t seem to have an answer as to how to curb it. In fact, it is even minimizing the problem. During all of this, the Biden administration retained the tariffs of the Trump era – regressive taxes on imported goods which increase the cost of living for consumers.
Instead, the Biden administration wants to explode spending, which could make inflation worse.
Tom Joyce (@TomJoyceSports ) is a political journalist for the New Boston Post in Massachusetts. He is also a freelance writer who has been published in United States today, the Boston Globe, News day, ESPN, on Detroit Free Press, the Pittsburgh Post-Gazette, the Federalist, and a number of other outlets.