Fact Checker: The House speaker cited an eye-popping number. But not all economists believe it is correct.
“Nominal earnings are multiplied by CPI in Jan. ’21 and divided by the latest month’s CPI,” he said. That yields a loss of $2,802.77 or 5.1 percent. He assumes a typical family has two parents working, so he doubles that figure to come up with $5,605.53.
of an existing home that have resulted as the Federal Reserve has jacked up interest rates in an effort to tame inflation.Antoni concedes that many families are not looking for a new home mortgage. But he argues that the borrowing figure is a conservative estimate because it does not include the higher interest rates on credit cards or higher insurance and property taxes since Biden took office.
, a regional economic specialist at the University of Michigan, in an email. “As the economy recovered more fully from the pandemic the average went down because we were disproportionately adding more lower wage workers in industries like accommodation and food services.”As for borrowing costs, economists noted, a majority of American families are not trying to get financing at higher rates and so their mortgage costs have not changed.
Antoni responded that this is “a very complicated issue, but it depends on what precisely you what to measure.” He said the two measures — weekly wages and disposable income — adjust for inflation differently.He noted that our calculation of a $108 loss started in December 2020 because the numbers spiked the next month because of stimulus checks.
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