> This is nonsense. Unemployment is down. IIRC, so are real wages: America's inflation problem gets worse (https://www.axios.com/2022/07/13/inflation-cpi-bide

> This is nonsense. Unemployment is down. IIRC, so are real wages: America's inflation problem gets worse (https://www.axios.com/2022/07/13/inflation-cpi-biden-prices https://www.axios.com/2022/07/13/inflation-cpi-biden-prices): > High inflation is causing the sharpest decline in real wages in decades. Even in a robust jobs market, the typical worker ends up financially worse off with every month that passes. With Surge in July, U.S. Recovers the Jobs Lost in the Pandemic (https://www.nytimes.com/2022/08/05/business/economy/july-jobs-report-gains.html https://www.nytimes.com/2022/08/05/business/economy/july-job...): > The Fed has raised interest rates four times in its battle to curb the steepest inflation in four decades, and policymakers have signaled that more increases are in store. That strategy is likely to lead to a slowdown in hiring later in the year as companies cut payrolls to match expected lower demand. > Already, surveys of restaurateurs, home builders and manufacturers have reflected concern that current spending will not continue. Initial claims for unemployment insurance have been creeping up, and job openings have fallen for three consecutive months. In an Unequal Economy, the Poor Face Inflation Now and Job Loss Later (https://www.nytimes.com/2022/08/08/business/economy/inflation-jobs-economy.html https://www.nytimes.com/2022/08/08/business/economy/inflatio...) > In that case, poorer families will almost certainly bear the brunt again, because low-wage workers are often the first to lose hours and jobs. The bifurcated economy, and the policy decisions that stem from it, could become a double whammy for them, inflicting higher costs today and unemployment tomorrow.... > America’s poor have spent part of the savings they amassed during coronavirus lockdowns, and their wages are increasingly struggling to keep up with — or falling behind — price increases. Because such a big chunk of their budgets is devoted to food and housing, lower-income families have less room to cut back before they have to stop buying necessities. Some are taking on credit card debt, cutting back on shopping and restaurant meals, putting off replacing their cars or even buying fewer groceries.