Incomes not keeping pace with inflation has been the persistent economic issue for tens of millions of Americans for quite some time.
When Congress borrows trillions and runs massive deficits, it is still an effective tax increase — it just comes in the form of higher prices.
BREAKING: May CPI inflation rises to 4.2%, the highest level since April 2023.
Core CPI inflation also rises to 2.9%, the highest since September 2025.
Inflation in the US is officially back above 4% and more than double the Fed's target.
Odds of Fed rate hikes are rising.