Inflation Erased U.S. Income Gains Last Year

“Inflation ate into Americans’ wage gains last year, leaving household incomes little changed beyond the richest households,“ the Wall Street Journal reports.

“The data also show how average households haven’t gained ground economically since the Covid-19 pandemic hit, underscoring the continued toll of rising prices. Inflation-adjusted median household income last year was at roughly the same level as in 2019, before the pandemic struck, following sharp declines after Covid’s onset and a tepid recovery since then.”