In America, wage growth is getting wiped out entirely by inflation

Rising prices have erased U.S. workers’ meager wage
gains, the latest sign strong economic growth has not translated into
greater prosperity for the middle class and working class. Cost of living was up 2.9 percent from July 2017 to July 2018, the Labor Department reported Friday, an inflation rate that outstripped a 2.7 percent increase in wages over the same period.