Re: Inflation is devouring wage gains (EVIL IS IN WHITE CHRISTIAN DNA)

On 8/12/2021 8:04 PM, Mighty Wannabe wrote:
> BeamMeUpScotty wrote on 8/12/2021 9:15 AM:
>> On 8/12/21 1:25 AM, nickname unavailable wrote:
>>> where or where is the free trading fraud?
>>>
>>> Inflation is devouring wage gains, and its traced to free trade:)
>>>
>>> https://www.yahoo.com/news/yes-workers-wages-rising-prices-111548272.html 
>>>
>>>
>>> Politico
>>> ‘Price growth is winning the race’: Inflation is devouring wage gains
>>> Megan Cassella
>>> Wed, August 11, 2021, 6:15 AM
>>>
>>> Rising prices on everything from groceries to gasoline have eaten 
>>> away the wage gains workers have seen since the start of the year, 
>>> leaving most Americans earning less than they were before the 
>>> pandemic began and derailing the White House’s argument that 
>>> paychecks have grown under President Joe Biden’s tenure.
>>>
>>> Prices climbed 0.5 percent over the month from June to July, a slower 
>>> pace than in recent months but still sizable enough that it outpaced 
>>> the healthy wage gains workers across the income spectrum have 
>>> received. As a result, real earnings decreased 0.1 percent over the 
>>> month, government data shows.
>>>
>>> The consumer price index, a key measure of inflation, rose 5.4 
>>> percent in July from the same month last year as the cost of meat and 
>>> dairy products, hotel room stays, restaurant dinners and other items 
>>> increased, according to Labor Department data released Wednesday. 
>>> It's the second straight month of year-over-year increases at that 
>>> level, the biggest jump since 2008.
>>>
>>> The data marks the latest month in which rising prices have 
>>> overshadowed wage gains, all but erasing the impact of pay hikes that 
>>> have been celebrated from Biden on down as a sign of workers’ new 
>>> bargaining power and of the robustness of the economic recovery.
>>>
>>> It’s part of a larger pattern, too: Even as compensation rose at a 
>>> 2.8 percent annual rate in the three months ending in June, prices 
>>> rose faster — leaving compensation lower than it was in December 2019 
>>> once it’s adjusted for inflation, according to a recent analysis by 
>>> Jason Furman, who served as a top economic adviser in the Obama 
>>> administration.
>>>
>>> “It means that households are falling behind,” Furman, now a 
>>> professor at Harvard, said in an interview. “When you have a hot 
>>> economy, you get faster wage growth and you get faster price growth. 
>>> And right now, the price growth is winning the race.”
>>>
>>> The latest monthly numbers come amid fears of spiraling inflation, 
>>> and as the White House has sought to tamp down concerns about its 
>>> staying power.
>>>
>>> Economists were quick to point out on Wednesday that some of the 
>>> sectors that had seen the most dramatic price hikes — used cars and 
>>> trucks in particular — slowed substantially in July, bolstering the 
>>> view that much of the rise is likely to be transitory and prompting 
>>> some to forecast that inflation has reached its peak. And the White 
>>> House noted that neither headline nor core inflation accelerated in 
>>> July, a change from previous months.
>>>
>>> “One month does not make a trend,” the White House Council of 
>>> Economic Advisers posted on Twitter. “And we know supply constraints 
>>> persist in various sectors. However, July’s deceleration is 
>>> encouraging.”
>>>
>>> Still, the data shows that inflation, at least for now, is having the 
>>> greater effect on families’ bottom lines, and it remains to be seen 
>>> how long the situation will linger. Furman found that in June, real 
>>> compensation was 0.7 percent below December 2019 levels and 2 percent 
>>> below its pre-pandemic trend.
>>>
>>> Biden administration officials have consistently argued that 
>>> inflationary pressures will be short-lived, and they note it’s mostly 
>>> areas of discretionary spending that have been affected, meaning most 
>>> families can avoid paying higher prices if they’re not buying used 
>>> cars or looking to travel. A White House official on Wednesday blamed 
>>> the inflationary pressures on "mismatches" between strong demand and 
>>> supply in pandemic-affected sectors, adding that the administration 
>>> expects the issue to subside once supply constraints are sorted out.
>>>
>>> At the same time, officials have regularly celebrated the gains in 
>>> worker pay, noting each month that wages are going up: The White 
>>> House press office blasted out a news story this week reporting that 
>>> average wages in restaurants and supermarkets had risen above $15 per 
>>> hour for the first time.
>>>
>>> For now, Biden officials are more focused on getting people back to 
>>> work than they are on the wage dynamics, people familiar with their 
>>> thinking say. But they have been closely watching the inflation data, 
>>> which risks becoming not just an economic vulnerability but a 
>>> political one. Two in five voters viewed Biden’s economic policies as 
>>> “very responsible” for inflation, double the proportion who blamed 
>>> the return to normal life as the root cause, according to a Morning 
>>> Consult poll from late last month.
>>>
>>> “They’re very nervous,” Josh Bivens, director of research at the 
>>> left-leaning Economic Policy Institute, said of the White House. “On 
>>> many fronts, they would see the recovery as going pretty well. And 
>>> this is the one sort of chink in the armor.”
>>>
>>> The White House did not immediately respond to a request for comment 
>>> on Wednesday.
>>>
>>> Republicans have seized on inflation data to criticize Biden’s 
>>> economic agenda and to vote against additional spending, arguing that 
>>> the fiscal response so far is to blame for the jump in inflation. 
>>> Sen. Rick Scott (R-Fla.), who chairs Senate Republicans’ campaign 
>>> arm, tweeted on Wednesday that “higher wages will never catch up to 
>>> government-induced inflation.”
>>>
>>> And Rep. Kevin Brady of Texas, the top Republican on the House Ways 
>>> and Means Committee, said Biden and congressional Democrats are to 
>>> blame for short-term inflation caused by generous federal spending. 
>>> He said he sees a risk of long-term inflation if labor shortages that 
>>> some businesses have reported persist.
>>>
>>> “It seems like a devil’s triangle of bad policies that are driving up 
>>> inflation,” Brady said in an interview. “I think the president’s in 
>>> denial about how much this worries families.”
>>>
>>> It’s a concern shared by some across the aisle as well. Sen. Joe 
>>> Manchin (D-W.Va.), whose vote Democrats will need to pass their 
>>> multi-trillion-dollar reconciliation plan, raised concerns on 
>>> Wednesday over rising inflation rates, which he called “an 
>>> unavoidable tax on the wages and income of every American.”
>>>
>>> Economists are split on where inflation will go from here: whether it 
>>> has peaked or not, whether it is all due to reopening challenges or 
>>> longer-term struggles, and whether wages will be able to catch up.
>>>
>>> But for now, “workers are largely treading water,” said Jay 
>>> Shambaugh, an economics professor at George Washington University and 
>>> a former member of the Council of Economic Advisers under Obama.
>>>
>>> “The big question for policy is how temporary is it,” he continued. 
>>> “If the wage gains sustain but the price spike is more temporary … I 
>>> think that’s the world people are hoping for, where you’ve gotten 
>>> pretty substantial real wage gains over time. We’re still in the 
>>> middle of seeing how it plays out.”
>>>
>> *Aaaahahahahheeeemm*
>>
>> Didn't I tell you about it when
> 
> Trump put tariffs on imported Chinese goods. That's why prices go up. 
> Trump's tariff is an indirect tax on American consumers. China doesn't 
> pay the tariffs imposed by Trump. The importers pay the Trump tariffs 
> and pass on the cost to the American consumers. Trump is evil. That's 
> why Trump became a one-term president.
> 
> 
> 



That loony fucker Trump LIED more than 25,000 times.

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EVIL WHITE CHRISTIAN DNA.



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― Jomo Kenyatta


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====================================================================

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