JEC News:

WASHINGTON, D.C.— Joint Economic Committee (JEC) Chairman Martin Heinrich (D-NM) and the JEC Democrats released a new analysis Dec. 1, finding that the national average wages and salaries grew by nearly $15,000 between January 2021 and October 2023, which outpaces price growth during that period by over $3,500.

Recent news stories focused on price increases since the start of 2021 do not tell the whole story. While costs have risen over that period due to pandemic disruptions and Russia’s invasion of Ukraine, incomes have grown more during that period as the result of the massive employment recovery and strong wage growth that has occurred since President Biden took office.

The economy has added nearly 14 million jobs between January 2021 and today, and that growth has come with notable wage increases for middle and low-income income Americans, which has helped narrow income inequality for the first time in decades.

The full JEC analysis can be found online here.