WASHINGTON – With five days until the midterm election, the economy remains on top of voters’ minds as they cast their ballots.
New figures released on Thursday show wages are up nearly eight percent as private companies added 239,000 jobs last month alone.
But right now there are two jobs available for every worker which means employers will likely have to raise salaries to attract workers.
The higher labor costs are often passed onto consumers which helps fuel inflation.
From food to fuel, Republicans up for re-election are blaming democrats.
“Every single day people are putting 4 dollars a gallon of gas in their car and it’s hurting them – food prices are up 21 percent,” said Florida Senator Marco Rubio.
In response, the Federal Reserve raised interest rates again Wednesday by three-quarters of a point to try and cool down the economy.
“My colleges and I are aware high inflation imposes significant hardship,” said Jerome Powell, Chair, of the Federal Reserve.
President Biden hit the road to stump for his party in New Mexico.
It’s there he delivered remarks on student loans, highlighting his plan to cancel up to $20,000 in debt In an effort to reach younger voters and get them to turn out on Nov. 8.
“My administration is taking education as a ticket to the middle class that folks can actually afford,” said Biden.