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Opinion selectors, pages, etc.
When will this Biden-era nightmare of low unemployment, higher wages and cooling inflation end?
By Curt_Anderson
August 28, 2023 11:02 am
Category: Opinion

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Since Biden has been president, employers have been adding more than enough jobs every month to keep unemployment near a 50-year low. High employment rates mean that employees have more leverage in demanding higher salaries. And they are.

This record high in average wage demand comes as employers added 187,000 jobs last month, following a similar increase in June. At 3.5%, the unemployment rate is close to its lowest level in decades, while average hourly earnings rose 4.4% in June from a year ago.

Satisfaction has increased with those who make lower earnings, with wage compensation up 3%, non-wage benefits up 1.7%, and promotion opportunities up 4% from July 2022 to 59.9%, 64.9%, and 53.5%, respectively.


Who here hasn't seen advertising (including on TV) by employers begging for workers? Who hasn't been in a restaurant, a store or other place of business that wasn't understaffed with help wanted signs in windows? Where I live business have had to reduce their hours because of a lack of workers. Oregon's minimum wage is about twice the federal minimum wage.
In a Hot Job Market, the Minimum Wage Becomes an Afterthought
Nationally, only about 68,000 people on average earned the federal minimum wage in the first seven months of 2023, according to a New York Times analysis of government data. That is less than one of every 1,000 hourly workers. Walmart, once noted for its rock-bottom wages, pays workers at least $14 an hour, even where it can legally pay roughly half that.


Oh yeah, inflation is cooling.
Over the past year, inflation in the United States has tumbled from 9% all the way to 3%, softening most of the price pressures that have gripped the nation for more than two years.

Cited and related links:

  1. investopedia.com
  2. nytimes.com
  3. apnews.com

Comments Start Below


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Comments on "When will this Biden-era nightmare of low unemployment, higher wages and cooling inflation end?":

  1. by Indy! on August 28, 2023 11:53 am

    Perspective... The high inflation of the previous year wiped out any meager wage gains made recently in the WAKE of that unbelievable inflation. Jobs? Same as always - still recovering from the covid losses, plus people need 2 jobs to survive. The signs in restaurants? Because they don't pay a living wage - nobody wants to work there anymore. Did I miss anything? Oh, employers on TV(?) looking for workers? Have not seen a single example here.


  2. by Indy! on August 28, 2023 11:59 am

    Oh yeah - Walmart paying the outrageous $14 an hour!!!!!!!

    $14 x 40 = $560 per week.

    Multiplied by 4.5 weeks (a generous number) = $2520 per month

    x 12 months = $30,240. - $1718 Fed income tax = $28,522 or $2377 per month.

    That's about enough to cover rent and food. Almost.
    us.icalculator.com


  3. by Indy! on August 28, 2023 12:00 pm

    And of course the BIG problem... If Joe has to CONVINCE people they're doing well... they obviously are NOT doing well.


  4. by Curt_Anderson on August 28, 2023 12:24 pm
    Indy,
    Republicans are doing nothing but trying to convince people that the economy is terrible and they are not doing well financially.

    There is a mismatch of perception and reality. In a recent Times/Sienna poll, 58% said the US economy was poor. But when asked about their personal financial state only 17% said their situation was poor. Forty-three percent of voters in the Times/Siena survey said their personal financial situation was good or excellent.



    "Despite months of increasingly positive economic indicators, the American public remains negative about the state of the nation’s economy, with 51% saying they think the economy is still in a downturn and getting worse, according to a new CNN poll."

    People's perceptions often don't match reality. Polls showed that there was a big disconnect between what people believed was the COVID death rate and the actual rate. --Hill link.
    nytimes.com
    cnn.com
    thehill.com


  5. by HatetheSwamp on August 28, 2023 12:30 pm

    We actually buy food. And, gas.

    They ain't cheap.


  6. by Curt_Anderson on August 28, 2023 12:34 pm
    HtS,
    You are retired. Where is it you need to drive that is costing you so much in gas? And how much are you spending on groceries? The average cost of a home-cooked meal is about $3.50.


  7. by Indy! on August 28, 2023 12:40 pm

    Comical. Less than half (43%) of Americans think their situation is "good" (we'll come back to that) and Curt believes that's "good" enough.

    Now - what do Americans actually know about "good"? Are they promised healthcare like every other industrialized country? Do they have job security? Do they get a mandatory 4-8 weeks of paid vacation every year like other countries? Do they know they will be cared for if life throws them curveballs... that they won't lose their homes? That they won't be bankrupted of their life savings due to medical issues? Do they get raped by the hospitals when it's time to have children or does the state carry the burden like civilized countries? Do they have to worry about cops murdering them for having a broken tail light? Are they at the mercy of their employers whims when it comes to hiring and firing? When they reach 50 do they have to worry about being replaced simply because they are "too old"?

    Hmmmm... "good" is really not all that it's cracked up to be in the USA.


  8. by Ponderer on August 28, 2023 1:18 pm

    During Biden's term, the creation of new businesses in our household rose to an all time record of 100%.

    Thanks, president Biden! 😎


  9. by Indy! on August 28, 2023 1:23 pm

    Joe came to your house and did all the work required to start a new business? Seems to me you should probably take at least a little credit for that yourselves.



  10. by oldedude on August 29, 2023 5:42 am
    Where is it you need to drive that is costing you so much in gas? And how much are you spending on groceries? The average cost of a home-cooked meal is about $3.50.

    We are retired on a fixed income also. We are paying double for benzine. Where do we drive? We drive to pickup and drop off kids, sometimes get them to school, swim lessons (a necessity in life here).

    Our groceries are also about doubled, depending on what we're getting. We do a lot of Organic fresh veggies, eggs, and stuff that is appropriate for the kids.
    Also enough gas to mow 10 acres of grass (4 hours/ 7 gal on a 60" zt).

    Upkeep on the land cost us also. With petro going up so much, it costs us several hundred dollars to buy plywood to cover the shop windows.

    Petro costs going up affect ALL goods and services. NOT just driving.


  11. by HatetheSwamp on August 29, 2023 6:25 am

    Where is it you need to drive that is costing you so much in gas?

    Need?

    You nano FASCIST, you?

    We have 2 1,200 mile round trip journeys south planned in the next 6 months. You have a problem with that? Keehee heehee ha!

    Need? Need!!!!! Baha baha baha.


  12. by Ponderer on August 29, 2023 6:36 am

    Everything would have been fine if Biden hadn't pushed through that I'm President Now So Gas Will Automatically Be More Expensive Act.

    🙄


  13. by HatetheSwamp on August 29, 2023 6:51 am

    What would have been even better is if he'd not alienated the Saudis for no reason and if he had taken measures to facilitate the production of oil in the US.

    Still, Joe obviously knows best. Eh?


  14. by Ponderer on August 29, 2023 7:11 am

    How did Biden "alienate" the Saudis, Bill? By not giving them all blow jobs like Trump did? They couldn't have realistically expected that they would ever see another president who was such a greedy, pig-ignorantly obsequious lapdog for them like Trump was. He was a fluke for them. If flukes happened all the time, they wouldn't be flukes.

    Wait. You know what? I bet that if Hunter Biden had solicited the Saudis for a couple billion dollars or so instead of messing with that puny little lemonade stand of a company in Ukraine, he'd be sitting pretty right about now.

    AND we'd have $1.50 a gallon gas again!




  15. by Ponderer on August 29, 2023 7:20 am

    "We have 2 1,200 mile round trip journeys south planned in the next 6 months." -Hate

    Oh my GOD! Your vacations are going to cost you a little more than you expected them too?!?!? Jesus Christ, this is a human rights issue!!! We gotta get the United Nations in on your case, Bill! You poor thing! UNESCO...! The ACLU...! You are the tragic victim of Citizen Abuse!



    My heart fuckingbleeds for you, Bill.


  16. by HatetheSwamp on August 29, 2023 7:22 am

    How did Biden "alienate" the Saudis, Bill?

    C'mon man. Gimme a break!
    presidency.ucsb.edu


  17. by Ponderer on August 29, 2023 7:49 am

    What? Did he alienate them by not giving Mohammed bin Salman a pass like Trump did over the brutal vivisection and assassination of Jamal Khashoggi...? Is that what you're talking about? Help me out a little here, Bill.



  18. by HatetheSwamp on August 29, 2023 8:01 am

    Sorta. He did it with empty bluster...for no strategic advantage to the US...

    ...only to inanely fistbump him at the first opportunity.

    You think that's a good thing?


  19. by oldedude on August 29, 2023 8:34 am
    "What? Did he alienate them by not giving Mohammed bin Salman a pass like Trump did over the brutal vivisection and assassination of Jamal Khashoggi...? "

    I'm with Lead on this one. If haven't read, even on this site, what he did (we've mentioned it several times). or haven't seen it in the news, You're willfully blind.

    Several times, and not just when asked about the sauds, pedojoe publicly, and with malice called the royal family disgusting and a dictatorship (which it isn't). It was one of his platforms of his election. And after doing that many times He goes to Saudi when he needs them to get out of his jam to lick their arse. They wouldn't agree to any of his requests, and they barely touched him (an affront in the middle east). As a matter of fact they told us to piss off and immediately cut their oil drilling so we would not only pay higher for oil, but there'd be less of it.

    trumpster, when asked about the sauds, spoke quickly about Khashoggi, and moved on. The difference is that it wasn't in his platform, AND he answered when asked. I'm sure he had already talked to the sauds about this so they watched him, but weren't insulted by it.
    presidency.ucsb.edu


  20. by Donna on August 29, 2023 9:46 am

    So what I'm hearing is that it's wrong to condemn evil if keeping your mouth shut helps Americans.

    I agree with the points Indy made, though. I don't think that Curt's stat showing that 1 in 6 Americans are suffering financially is something to brag about. I mean you can site it as a positive, but IMO that's a horrendously low bar.

    OTOH, though, blaming all of the bad stuff Indy cited on Biden is a political argument, not a substantive one. Instead we should be blaming corporate America and frankly, capitalism. As long as both political parties keep blaming each other, the real problems won't be fixed or even addressed.


  21. by Curt_Anderson on August 29, 2023 10:06 am
    Donna,
    I believe when you said the stats I provided show that one in six Americans are "suffering" you are referring to the Times/Sienna poll that said when asked about their personal financial state only 17% said their situation was poor.

    I don't think that all of that 17% would be considered suffering or even poor by most observers. Some people are really struggling, but not all. I suspect that a lot of them are people like OD and HtS bemoaning the cost of gasoline to mow their 10 acres of grass or to take a couple 1,200 mile vacation trips.

    My main point in citing that poll is the disconnect between perception and reality. When you ask people how the US economy is doing, all they can tell you is what they are likely to hear from the news media, which let's face, it is more likely to report bad news than good news. A factory shutting down is news. A factory staying open is not news. They don't report on the house that didn't burn down.

    On a similar note of disconnect, people have a dim view of doctors generally, but 90% like their own doctor.



  22. by HatetheSwamp on August 29, 2023 10:11 am

    So what I'm hearing is that it's wrong to condemn evil if keeping your mouth shut helps Americans.

    It's one thing for, say, Donna or isle to talk big about the Saudis' evil. G'head. Light up SS! But, if you're fixin to be the person who's going to be the face of US foreign policy, it's something quite different.

    Joe said what he said to pander to American progressives. That was stupid...demented, even.


  23. by Ponderer on August 29, 2023 10:25 am

    Biden was pandering to Americans who have a conscience.



  24. by Indy! on August 29, 2023 10:30 am

    The bottom line is Curt's OP is pure rubbish. Things have not gotten much better outside of the naturally occurring rebound from covid that would have happened if Elmer Fudd was president. Wait... bad example, Elmer Fudd IS president.


  25. by Donna on August 29, 2023 11:05 am

    Well you know, if you're personally doing well, it's easy to turn a blind eye to or minimize the suffering of others.







  26. by HatetheSwamp on August 29, 2023 11:54 am

    Well you know, if you're personally doing well, it's easy to turn a blind eye to or minimize the suffering of others.

    The voice of experience?


  27. by Donna on August 30, 2023 10:22 am

    Kinda. Back in the early 80s I was in the early part of my career in infotech and made good money (I was making $40K/yr in 1984). It wasn't until about 25 years later when I learned that there was a serious recession going on then.

    I've never turned a blind eye to suffering, though, in fact quite the opposite.



  28. by Indy! on August 30, 2023 11:46 am

    I don't know if that "blind eye" thing was aimed at me, but I'm NOT doing well right now and I've never turned a blind eye to suffering.


  29. by oldedude on August 30, 2023 11:56 am
    Well you know, if you're personally doing well, it's easy to turn a blind eye to or minimize the suffering of others.
    Curt must be doing VERY well.


  30. by Indy! on August 30, 2023 12:30 pm

    LOL! Exactly, OD. 👍


  31. by oldedude on August 30, 2023 12:44 pm




    Curt Lead post- This record high in average wage demand comes as employers added 187,000 jobs last month, following a similar increase in June. At 3.5%, the unemployment rate is close to its lowest level in decades, while average hourly earnings rose 4.4% in June from a year ago.

    Part-time employment constituted just under 17% (16.9%) of the work force in 2019, a bit higher than the 16% rates witnessed in the pre-recession 2000s, although lower than the spike of up to 20% after the recession (BLS 2020a; BLS 2020b).

    Curt #21- My main point in citing that poll is the disconnect between perception and reality. When you ask people how the US economy is doing, all they can tell you is what they are likely to hear from the news media, which let's face, it is more likely to report bad news than good news. A factory shutting down is news. A factory staying open is not news. They don't report on the house that didn't burn down.

    Reality- We are paying 20% more in goods and services. That's a fact. Much of that are things lower income folks (especially families) MUST pay for are food and medical care.

    In December, 2019, Regular gas was averaging $2.11/gal-

    Getting well balanced food is essential for families. Unfortunately, eggs (which have always been known as a "cheap protein" have gone up more than a dollar a dozen in the past 3 years.

    With a higher rate of part time workers who don't generally get medical insurance from their employer, that actually affects more folks. This is also NOT a perception. I'm so happy curt is doing so well that he doesn't have to care about anyone else.

    I agree with curt. A factory that stays open isn't news. It's an expectation. If more factories were open, the full time employment would be more substantial.

    Bold Italics

    statista.com


  32. by oldedude on August 30, 2023 12:47 pm
    curt- can you get rid of the above post?


  33. by oldedude on August 30, 2023 12:52 pm
    Curt Lead post- This record high in average wage demand comes as employers added 187,000 jobs last month, following a similar increase in June. At 3.5%, the unemployment rate is close to its lowest level in decades, while average hourly earnings rose 4.4% in June from a year ago.

    Part-time employment constituted just under 17% (16.9%) of the work force in 2019, a bit higher than the 16% rates witnessed in the pre-recession 2000s, although lower than the spike of up to 20% after the recession (BLS 2020a; BLS 2020b).

    Curt #21- My main point in citing that poll is the disconnect between perception and reality. When you ask people how the US economy is doing, all they can tell you is what they are likely to hear from the news media, which let's face, it is more likely to report bad news than good news. A factory shutting down is news. A factory staying open is not news. They don't report on the house that didn't burn down.

    Reality- We are paying 20% more in goods and services. That's a fact. Much of that are things lower income folks (especially families) MUST pay for are food and medical care.

    In December, 2019, Regular gas was averaging $2.11/gal- this week, it's Today’s average price of gas in the U.S. is $3.83 per gallon, unchanged from yesterday, down $0.02 from last week and up $0.08 from last month.

    Getting well balanced food is essential for families. Unfortunately, eggs (which have always been known as a "cheap protein" have gone up more than a dollar a dozen in the past 3 years.

    With a higher rate of part time workers who don't generally get medical insurance from their employer, that actually affects more folks. This is also NOT a perception. I'm so happy curt is doing so well that he doesn't have to care about anyone else.

    I agree with curt. A factory that stays open isn't news. It's an expectation. If more factories were open, the full time employment would be more substantial.
    statista.com
    forbes.com


  34. by oldedude on August 30, 2023 12:54 pm
    In the post above, the citation is the EPI reference below. Those come from BLS numbers.

    Sorry for the confusion. Things are kinda hopping here for a bit.
    epi.org


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