from American Prosperity – Wisconsin:
Biden’s reckless spending over the past four years has led to a national debt overrun $34 trillion – Debt exceeds $258,000 per household – and Americans' purchasing power has declined as households see prices for goods and services rise much faster than their incomes.Now the price is up 17.9% The average household pays more than $11,400 annual increase It is to maintain the quality of life when Biden came to power.
While the statement mentions higher costs (given that global prices have risen, it's unclear to me how higher prices can be attributed to Biden), it makes no mention of how wages and wages are rising. To answer this question, I used the Northeast-Central CPI and seasonally adjusted it using X-13, deflating total wages in Wisconsin to $12 in December 2017. I reduced this to per capita (thus circumventing the complex calculation of “household” amounts) to obtain Figure 1.
figure 1: Wisconsin wages and salaries were deflated to 2017M12 dollars using the author's seasonally adjusted regional CPI using X-13 and divided by Wisconsin population (blue) and a 3-quarter-centered moving average (red). Note that the annual population in July is interpolated to quarters using cubic interpolation. Sources: BEA, BLS, FRED census, and author's calculations.
Note that in the third quarter of 2023, real income per capita was 2.5% higher than in the first quarter of 2021.
Other Americans' Prosperity Analysis, Reviewed here and here.
Here is a picture of core inflation rates for some other countries:
figure 2: US core CPI inflation (blue), Eurozone 20 core HICP inflation (tan), and UK CPI inflation (green) are all year-on-year data. The NBER defines the dates of U.S. recessions (from peak to trough). Sources: BLS, European Commission, ONS, FRED, NBER and author's calculations.
