A report last week by the Bureau of Labor Statistics on productivity got overlooked with all of the debt deal hooplas.
But what was remarkable was the whopper revision in hourly compensation. Instead of a 4.9% rise in wages, they DECLINED by -0.7% in the quarter. The real compensation (after inflation) was -4.7%. That’s quite a pay cut.
Now look at the comparison of wage increases under Trump versus the wage cuts under Obama. Reagan used to bludgeon Jimmy Carter about the decline in “real take-home pay” during the Carter years. Every conservative should be talking about that same syndrome under Biden.