From the Americans for Prosperity-Wisconsin<\/a>:<\/p>\n In the last four years, Biden\u2019s reckless spending has driven the national debt past\u00a0$34 trillion<\/a>\u00a0\u2013 more than $258,000 of debt per household \u2013 and Americans\u2019 purchasing power has declined as families have seen the prices of goods and services rise much faster than their income. Prices are now\u00a017.9% higher<\/a>\u00a0and the average household is paying over\u00a0$11,400\u00a0more each year<\/a>\u00a0just to maintain the same quality of life as when Biden took office.<\/p>\n<\/blockquote>\n While the statement mentions the higher costs (given that prices have risen worldwide, it\u2019s not clear to me how attributable higher prices are to Biden \u2014 see Figure 2), it doesn\u2019t mention how salaries and wages have also risen under Biden. To answer this question of how real income has evolved, I use the East North Central CPI, seasonally adjusted using X-13, to deflate to 2017M12 dollars the total wages and salaries for Wisconsin. I deflate to per capita terms (thereby circumventing the byzantine calculation of \u201chousehold\u201d amounts) to obtain Figure 1.<\/p>\n Figure 1:<\/strong> Wisconsin total wages and salaries deflated to 2017M12$ using regional CPI seasonally adjusted by author using X-13, and divided by Wisconsin population (blue), and 3 quarter centered moving average (red). Note annual population for July interpolated to quarterly using cubic interpolation. Source: BEA, BLS, Census via FRED, and author\u2019s calculations.<\/em><\/p>\n Note that in 2023Q3, per capita real income is 2.5% higher than it was in 2021Q1.<\/p>\n Other Americans for Prosperity analyses, examined here<\/a> and here<\/a>.<\/p>\n Here\u2019s a picture of some other countries\u2019 core inflation rates:<\/p>\n\n
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