Biden says how much richer Americans have become this year

Americans now have $100 more each month than they did last year despite record inflation, US President Joe Biden said this week, commenting on unemployment insurance claims.

Americans are back at work at a record-setting pace. And families have more money in their pockets: Americans on average have about $100 more in their pockets each month than they did last year, after accounting for inflation,” Biden said in a statement released by the White House press service on Thursday.

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FILE PHOTO: A Wendy's restaurant displays a "Now Hiring" sign in Tampa, Florida, US.
Americans say life’s too short to waste on work

According to the US Department of Labor, consumer prices in the US accelerated growth to 6.8% year-on-year in November from 6.2% a month earlier, and jumped 0.8% on a monthly basis. This means that annual inflation in the US has reached a high of nearly 40 years. At the end of June 1982, it amounted to 7.2%.

At the same time, US core inflation – with the exception of food and energy prices – reached 4.9%, including growth of 0.5% in November alone. On a yearly basis, food prices rose 6.1%, while energy prices jumped by 33.3%.

These numbers reflect the pressures facing nearly all economies around the globe as they emerge from the Covid-19 pandemic, Biden said, stressing that lowering prices and getting people back to work is the priority of his administration in the near term.

We have struggled – like virtually every other developed economy dealing with the pandemic – with rising prices and supply chain woes … Our economic recovery has two key components: Getting America back to work, and getting prices and supply chains back to normal. Simply put, it is about jobs and prices,” he stated.

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