A senior Federal Reserve official has acknowledged the pain American workers are feeling from soaring inflation as all the wage gains of the average employee over the past two years have not only been completely erased but have fallen deep into negative territory.
San Francisco Federal Reserve chief Mary Daly shared a stark statistic on Americans’ real wages, which are adjusted for the rate of inflation, in an Oct. 4 interview with CNN.
“Some little-known statistic that I think is really worth bringing up, real wages, adjusted for inflation, the average worker in America has lost 9 percent over the course of the last two years,” Daly told the outlet….