Overview

• Real wages for nonsupervisory hourly workers rose 1.7% in the first five months of Trump’s second term, marking the highest gain since 1969.
• The increase follows a slowdown in price growth, with inflation easing to 2.4% in May after rising 2.3% in April.
• The 1.7% boost reverses a 1.7% decline under President Biden’s first five months and outpaces wage gains under every administration since Nixon.
• The One Big Beautiful Bill would eliminate federal income taxes on tips and overtime for over 80 million hourly workers and boost household take-home pay by up to $13,300.
• Treasury Secretary Scott Bessent warns that failure to pass the legislation would trigger the largest tax hike in history, threatening businesses and working Americans.