Peter Schiff: Real Incomes Collapsing at an Unprecedented Rate

Year-over-year, average hourly wages for production and nonsupervisory employees were up 6.7% in March. That sounds great – until you factor in inflation.

With CPI at 8.5% (according to official government numbers), real wages for these workers have dropped nearly two percent. Their bigger paychecks aren’t even covering rising prices.

Overall, wages are rising at around 4 to 5%. That means in aggregate, real wages are dropping even faster.