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But they haven't kept up with inflation.

by DonnyV 2y ago

antisthenes 2y ago
Not sure why you're being downvoted. None of the wage growth has kept up with inflation, for any quartile of workers. Wages are still down 0.5 to 1.5 % from pre-Covid times adjusted for inflation.
- ac29 2y ago
  Median real wages are higher than pre-covid: https://fred.stlouisfed.org/series/LES1252881600Q https://fred.stlouisfed.org/series/LES1252881600Q Do you have a source for your claim that they aren't?
  - TulliusCicero 2y ago
    Is that huge spike the stimulus money?
echelon 2y ago
Inflation was totally self-inflicted. Both the Trump 2020 and Biden admins went crazy over stimulus when the worst of Covid had already been behind us. Pumping that much free energy into the economy cannot be undone with the simple wave of the austerity wand.
- TulliusCicero 2y ago
  Some of it was stimulus, but some of it was logistical interruptions caused by covid. You can't just wave away how hard China shut down. Automakers struggling to source chips was not caused by too much stimulus.
- danaris 2y ago
  This has been repeatedly debunked. Yes, there was a small amount of money pumped into the consumer economy ($2000/household). Yes, there were some supply shocks during the height of the lockdowns. No, those do not explain the persistent high prices. Unprecedented consolidation across all sectors made it easy for a much smaller group of people at the top to respond to a zeitgeist that expected inflation by keeping prices high after the supply shocks were over, and pocketing the difference. It didn't even require active collusion (though it wouldn't surprise me if there was at least a little).
  - echelon 2y ago
    > Yes, there was a small amount of money pumped into the consumer economy ($2000/household). Covid caused us to print $13 - $16 trillion dollars. That's more money than every war the US has ever participated in combined.
    - immibis 2y ago
      Yep. Mostly straight to business owners. But that wasn't sold as "stimulus", it was sold as "a loan" which was then forgiven without repayment. When people talk about "stimulus" they usually mean the cheques to individuals.

But they haven't kept up with inflation.

by DonnyV 2y ago

But they haven't kept up with inflation.

Not sure why you're being downvoted. None of the wage growth has kept up with inflation, for any quartile of workers. Wages are still down 0.5 to 1.5 % from pre-Covid times adjusted for inflation.

ac29 2y ago
Median real wages are higher than pre-covid: https://fred.stlouisfed.org/series/LES1252881600Q https://fred.stlouisfed.org/series/LES1252881600Q Do you have a source for your claim that they aren't?
- TulliusCicero 2y ago
  Is that huge spike the stimulus money?

echelon 2y ago

Inflation was totally self-inflicted. Both the Trump 2020 and Biden admins went crazy over stimulus when the worst of Covid had already been behind us. Pumping that much free energy into the economy cannot be undone with the simple wave of the austerity wand.

TulliusCicero 2y ago
Some of it was stimulus, but some of it was logistical interruptions caused by covid. You can't just wave away how hard China shut down. Automakers struggling to source chips was not caused by too much stimulus.
danaris 2y ago
This has been repeatedly debunked. Yes, there was a small amount of money pumped into the consumer economy ($2000/household). Yes, there were some supply shocks during the height of the lockdowns. No, those do not explain the persistent high prices. Unprecedented consolidation across all sectors made it easy for a much smaller group of people at the top to respond to a zeitgeist that expected inflation by keeping prices high after the supply shocks were over, and pocketing the difference. It didn't even require active collusion (though it wouldn't surprise me if there was at least a little).
- echelon 2y ago
  > Yes, there was a small amount of money pumped into the consumer economy ($2000/household). Covid caused us to print $13 - $16 trillion dollars. That's more money than every war the US has ever participated in combined.
  - immibis 2y ago
    Yep. Mostly straight to business owners. But that wasn't sold as "stimulus", it was sold as "a loan" which was then forgiven without repayment. When people talk about "stimulus" they usually mean the cheques to individuals.