Biden’s economy is falling with record-breaking inflation. This is what happens when we let an old dementia President lead this great nation.

In fact, the inflation is at a 40-year high of 8.5%. Under Biden, it seems like the price of everything is going up.

The current job market, which is presenting many vacancies that make companies fight to retain their employees, is prompting companies to offer salary increases to most workers. However, despite this, the increase in inflation is impacting these increases.

On Tuesday, the Labor Department reported that average hourly earnings for all employees actually fell 2.7% in March from the same month a year earlier, when factoring in the impact of rising consumer prices.

Last year, the Fed told us that inflation was ‘transitory’. With inflation then at a 30-year high, the head of the Fed, Jerome Powell said inflation wasn’t going to be that bad, but if it continued, he had the tools to deal with it.

This was right after the massive spending spree pushed on by the Biden Administration and passed by the Democrats and RINOs in Congress.  Now we see that Powell had nothing, he mismanaged this crisis as well, and inflation is now at 40-year highs.

More details from a FOX Business report:

he Labor Department reported on Tuesday that average hourly earnings for all employees actually declined 2.7% in March from the same month a year ago when factoring in the impact of rising consumer prices. On a monthly basis, average hourly earnings tumbled by 0.8% in March, when factoring in the 1.2% inflation spike.

By that measure, the typical U.S. worker is actually worse off today than they were a year ago, even though nominal wages are rising at the fastest pace in years. That’s because inflation is also surging.

The government said in a separate report on Tuesday that the consumer price index – which measures a basket of goods including gasoline, health care, groceries and rents – rose 8.5% in March from a year ago, the fastest pace since December 1981. Prices jumped 1.2% in the one-month period from February, the largest month-to-month jump since 2005.

America is doomed under Biden’s watch. God help us!

Sources: TheGatewayPundit, FOX Business