The writer is an FT contributing editor and director of economic policy studies at the American Enterprise Institute
With prices rising faster than wages, workers are losing ground in the US. The consumer price index for April, released this week, shows an increase of 3.8 per cent over the year. The average wage grew by 3.6 per cent over the same period.
Americans are worried — including those the GOP needs to attract to the polls in November’s midterm elections. According to a new CNN poll, 55 per cent of Republicans and 81 per cent of independents say President Donald Trump’s policies have increased their cost of living.
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