Fed Admits It’s ‘Not a Good Time to Be a Worker’ as Inflation Gobbles up 9 Percent of Wages

San Francisco Federal Reserve President Mary Daly reacts at the Los Angeles World Affairs Council Town Hall, Los Angeles, on Oct. 15, 2019. Ann Saphir/Reuters

A senior Federal Reserve official has acknowledged the pain American workers are feeling from soaring inflation as all the wage gains of the average employee over the past two years have not only been completely erased but have fallen deep into negative territory.

San Francisco Federal Reserve chief Mary Daly shared a stark statistic on Americans’ real wages, which are adjusted for the rate of inflation, in an Oct. 4 interview with CNN.