Residents in the United States have less to celebrate on payday as inflation-adjusted wages endure the harshest pay cut in a quarter century, according to the Federal Reserve Bank of Dallas.
The bank’s report revealed the median decline in real wages was a little more than 8.5 percent for most of the U.S. workforce in the past 12 months—”the most severe faced by employed workers over the past 25 years.”
Hard-working Americans are watching their purchasing power dwindle as prices have risen across the board under President Joe Biden. The impact is particularly noticeable in grocery stores and at the fuel pump….