The Joe-conomy: Inflation has taken away all the wage gains for workers and then some
By HatetheSwamp November 10, 2021 12:26 pm Category: Government (0.0 from 0 votes)
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"What looked like a big jump in workers’ wages during October turned into just another gut punch after accounting for inflation.
The Labor Department reported Friday that average hourly earnings increased 0.4% in October, about in line with estimates. That was the good news.
However, the department reported Wednesday that top-line inflation for the month increased 0.9%, far more than what had been expected. That was the bad news – very bad news, in fact.
That’s because it meant that all told, real average hourly earnings when accounting for inflation, actually decreased 0.5% for the month. So an apparent solid paycheck increase actually turned into a decrease, and another setback for workers still struggling to shake off the effects of the Covid pandemic."
And, the people in the flatulent fool's administration have no idea what to do other than to ask OPEC to pump more oil.
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