The economy is expected to grow 5.1% this year, not 2%. Wage growth is rising at an annualized rate of 4.3%, not 2%. Inflation is heavily concentrated in a just

The economy is expected to grow 5.1% this year, not 2%. Wage growth is rising at an annualized rate of 4.3%, not 2%. Inflation is heavily concentrated in a just a few industries (Automobiles, travel, home renovation). People don't buy cars every year. People don't renovate their home every year. Travel isn't exactly a plurality expense. Yes, the economy is booming, and wages are rising. Your purchasing power isn't lower unless you HAVE to buy some of the goods and services growing faster than your wages, which given the categories of items experiencing above-average price increases, is a huge proportion of the population.