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#AceNewsRoom With ‘Kindness & Wisdom’ Mar.11, 2022 @acenewsservices

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#AceNewsDesk – FACT CHECKING Consumer prices for everyday goods such as gas, groceries and electricity have surged over the last year. But a Facebook post exaggerates how much inflation has impacted American wages:

” And just like that, your $15/hr doesn’t buy you as much as $7.50/hr did a year ago,” claimed a text-post shared on Facebook. While it’s true that this year’s inflation spike — the highest in 40 years — outpaced increases in wages, this claim vastly overstates how much Americans’ buying power has depreciated since 2021.

To compensate for the “Great Resignation” as many workers leave their jobs for better pay and work environments, employers on average raised wages 5.7% over the last year. That’s the fastest pace since 2007, according to the Department of Labor.

When accounting for inflation, real average hourly earnings fell by 1.7% from January 2021 to January 2022, the Labor Department reported in February. With this 7.5% inflation rate, a person who made $7.50 an hour in 2021 would need to earn $8.06 an hour this year in order to have the same buying power they did last year, according to the Labor Department’s CPI inflation calculator. If $7.50 an hour wage last year were now equal to more than $15 an hour, that would mean inflation skyrocketed at a rate of 100%, far above any increase seen in U.S. history.

We rated the Facebook post False >>

U.S. gas prices also have hit a high. President Joe Biden has warned Americans they may pay even more at the pump after he banned imports of oil from Russia to punish Russian President Vladimir Putin for the invasion of Ukraine.

Some on social media have long blamed Biden’s energy policies for rising gas prices — and Russia’s war on Ukraine provided more so-called fuel for the raging fire of online claims. But there are many factors at play in the steady climb in gas prices since Biden took office, including increased demand after pandemic lockdowns ended, inflation and, now, the war in Ukraine. Lower oil production in the U.S. isn’t one of them.

America produced 11.185 million barrels of crude oil per day in 2021, compared with 11.283 million a year earlier under Trump. The amount produced in Biden’s first year exceeds the average daily amount produced under Trump from 2016 to 2018, according to data from the U.S. Energy Information Administration.

A month into Biden’s presidency, PolitiFact began seeing claims that blamed Biden’s policies for increases in gas prices. But energy experts we spoke to said it was largely due to supply and demand rather than presidential policies.

We rated those claims False >>

The coronavirus pandemic prompted a big fall in oil demand and gasoline prices, due to declines in driving and air travel. As the economy has slowly rebounded, growing demand has boosted prices at the pump.

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