- New data from the Federal Reserve Bank of Dallas indicates that Americans are experiencing the biggest pay cut in decades because of inflation.
- “We find that a majority of employed workers’ real (inflation-adjusted) wages have failed to keep up with inflation in the past year,” the bank said. “For these workers, the median decline in real wages is a little more than 8.5 percent. Taken together, these outcomes appear to be the most severe faced by employed workers over the past 25 years.”
- The Fed bank noted that more than half of American workers saw a decrease in wages over the past year.
