evidence: In a June 4 interview with TIME Magazine, President Joe Biden claimed wage increases have exceeded the cost of inflation. [...] In the interview, Biden claimed wage increases have exceeded the cost of inflation. "Wage increases have exceeded what the cost of inflation, which you’re talking about as the prices that were pre-COVID prices. Pre-COVID prices are not the same as whether or not they—you have American, corporate America ripping off the public now. You have everything from shrinkflation to what’s going on in terms of the way in which they’re artificially moving significantly to increase their, their, their, their, their profits. That’s not the same as inflation. That’s price gouging," Biden said.