President Joe Biden made a false claim that wage growth has outpaced inflation in recent months, Fox Business Network (FBN) reported.
Joe Biden made the claim at a press conference at the United Nations Climate Change Conference (COP26) in Glasgow, Scotland. Biden was pressed by a reporter to explain when Americans can expect the cost of food, gas, and other essential items to go down, FBN reported.
“Things are a hell of a lot better. The wages have gone up higher, faster than inflation and we have generated real economic growth. It doesn’t mean these dislocations aren’t real. They do affect people’s lives.” Biden said in the press conference.
Statistics released from the Bureau of Labor Statistics show that inflation has prevented the average American worker from reaping the benefits, FBN reported.
Real average hourly wages, which is wages adjusted to the cost of goods and services, declined about 0.8% in the month of September. Real average hourly earnings have been on the decline in the last year with a 0.9% decline in August, a 1.2% decline in July, and a 1.7% decline in June, FBN reported. (RELATED: Biden Blames Russia, OPEC Nations For Skyrocketing Gas Prices)
The Consumer Price Index (CPI) increased 0.4% in September, bringing the year-over-year inflation increase to 5.4%, according to the U.S. Bureau of Labor Statistics.
Gas and food prices also increased by 1.2% in the month of September. Companies across the U.S. are raising their wages and cutting back on hours due to labor shortages.
CVS Health announced in September they were looking to hire 25,000 additional employees.
Biden gave various reasons for the spike in consumer prices. He cited COVID-19 supply chain issues and a failure of OPEC+ nations to respond to calls for increased fuel production, during the global energy crisis, FBN reported.