Washington, D.C.— National average wages and salaries grew by nearly $16,700 since 2021, which outpaces price growth during that period by nearly $3,800, according to an updated fact sheet released today by U.S. Joint Economic Committee Democrats.
In addition, new calculations show that wage growth outpaced price growth in nearly every state through the end of 2023.
“The numbers do not lie: Democrats are putting money back into the pockets of families across the country,” said Chairman Martin Heinrich. “The economy is stable, grocery prices are falling, and wages are increasing. That’s not happening because of luck. It’s because we are enacting policies that lower costs and boost wages while ensuring our economy works for everyone.“
The data also shows notable wage increases for low-income Americans, which has helped narrow income inequality for the first time in decades. The fact sheet highlights that policies enacted by the Biden Administration and Congressional Democrats are supporting workers, boosting wages, lowering prescription drug costs, and driving down costs.
Read the full fact sheet here.
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About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.??
