Stories focused on price increases since the start of 2021 do not tell the whole story. While costs have risen over that period due to pandemic disruptions and Russia’s invasion of Ukraine, incomes have grown faster. An analysis by the JEC Democrats finds that national average wages and salaries grew by nearly $15,000 between January 2021 and October 2023, which outpaces price growth during that period by over $3,500. Any discussion of rising costs is misleading if it ignores the significant income and job gains compared to the start of 2021.

There is, of course, more room to improve the economic well-being of families. Whether it’s reducing the cost of prescription drugs, cracking down on junk fees, or investing in supply chains to help goods move faster, the Biden administration and congressional Democrats are working to cut costs for families.

This income growth is the direct result of the massive employment recovery and strong wage growth that has occurred since President Biden took office, with the economy adding nearly 14 million jobs between January 2021 and today. This growth has also come with notable wage increases for middle- and low-income Americans, which has helped narrow income inequality for the first time in decades.

While families are understandably concerned about rising prices, the significant wage and employment growth over the last nearly three years is a remarkable achievement that would not have been possible without the policy choices made by President Biden and Democrats in Congress.