+- MacResource (https://forums.macresource.com)
+-- Forum: My Category (https://forums.macresource.com/forumdisplay.php?fid=1)
+--- Forum: 'Friendly' Political Ranting (https://forums.macresource.com/forumdisplay.php?fid=6)
+--- Thread: 'wage growth is being wiped out entirely by inflation' (/showthread.php?tid=219494)
'wage growth is being wiped out entirely by inflation' - btfc - 08-11-2018
' 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 and working classes.
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. The average U.S. “real wage,” a federal measure of pay that takes inflation into account, fell to $10.76 an hour last month, 2 cents down from where it was a year ago.
The stagnation in pay defies U.S. growth, which has increased in the past year and topped 4 percent in the second quarter of 2018 — the highest rate since mid-2014.
The lack of wage growth has befuddled economists and policymakers, who hoped that after job openings hit record highs and the unemployment rate dipped to the lowest level in decades, employers would give beefy raises to attract and retain workers. But so far, gains have been slight, and small recent increases are being eclipsed by rising prices.'
https://www.washingtonpost.com/amphtml/business/2018/08/10/america-wage-growth-is-getting-wiped-out-entirely-by-inflation/?noredirect=on
Re: 'wage growth is being wiped out entirely by inflation' - pdq - 08-11-2018
Throw a bunch of money (and new government debt) on an economy near full employment and full capacity.
Inflation.
In other shocking news, throwing gasoline on a fire that is already burning well is more likely to cause bad things to happen than for the fire to start burning “better”.
Re: 'wage growth is being wiped out entirely by inflation' - sekker - 08-11-2018
btfc wrote:
' 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 and working classes.
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. The average U.S. “real wage,” a federal measure of pay that takes inflation into account, fell to $10.76 an hour last month, 2 cents down from where it was a year ago.
The stagnation in pay defies U.S. growth, which has increased in the past year and topped 4 percent in the second quarter of 2018 — the highest rate since mid-2014.
The lack of wage growth has befuddled economists and policymakers, who hoped that after job openings hit record highs and the unemployment rate dipped to the lowest level in decades, employers would give beefy raises to attract and retain workers. But so far, gains have been slight, and small recent increases are being eclipsed by rising prices.'
https://www.washingtonpost.com/amphtml/business/2018/08/10/america-wage-growth-is-getting-wiped-out-entirely-by-inflation/?noredirect=on
It's totally irrational. In my town, UNemployment is 2%. You heard me right - 2%. And basically NO accessible housing, so newcomers HAVE to have a job to live here. You'd think my institution would RAISE wages. Nope, nada. Some groups have not had any substantive wage increase in 5 years.
My opinion - this is all because unions are dead.
EDIT: fixed 'UNemployment'
Re: 'wage growth is being wiped out entirely by inflation' - bfd - 08-11-2018
Dumbf never promised that any of us would actually see a gain besides an extra quid or two on payday (that will be taken back on April 15 next year) …
Hey, it's the economy, stupid!
If you want to make money in this economy, you need to be a producer, not an employee. #MAGA (for those who deserve it most)
Re: 'wage growth is being wiped out entirely by inflation' - Rolando - 08-12-2018
I dunno about everyone else, but BEEF prices are skyrocketing here. I'm starting to hate chicken and pork.
Re: 'wage growth is being wiped out entirely by inflation' - sekker - 08-12-2018
Rolando wrote:
I dunno about everyone else, but BEEF prices are skyrocketing here. I'm starting to hate chicken and pork.
Get used to it. Lots of other products are going to go up too.
Re: 'wage growth is being wiped out entirely by inflation' - bfd - 08-12-2018
Just when you think you're getting ahead…
You aren't; it was always just an illusion.