Letter to the Globe: The American Election and the Average American Worker

Quite a number of commentators on the American election have suggested that the average American has been doing better economically under the Democratic administration of Joe Biden than they did under the Trump administration. The numbers tell a different story. The letter below was published in the 11 November issue of the Globe and Mail.

Re “Postmortem” (Letters, Nov. 13): According to economist Alan McFayden, “the evidence tells us that most Americans have higher incomes now under Joe Biden than they did under Donald Trump.” But FactCheck.org reports that Bureau of Labor Statistics data show real average hourly earnings for all private sector employees decreasing by 2.24% between January 2021 and May 2024, and real median weekly earnings for all full-time workers decreasing by 2.14% over the same period. The Bureau of Economic Analysis reports that real per-capita disposable personal income decreased by 9.04% over that period.

There’s no doubt that the US economy overall has been growing, and that the growth in corporate profits has significantly outpaced inflation. And there is good reason to expect that Bidenomics will eventually increase real average earnings for workers. Sadly, there is little to suggest that’s happened yet.