Wages aren't growing when adjusted for inflation, new data finds

[TomCADem]

While Trump takes a "victory lap" and Republicans prepare to give another huge tax cut to the rich and explode the deficit, the middle class is continuing to take body blow after body blow during the so-called Trump-boom. Oh well, Trump will just blame it on immigrants and trade.

https://www.marketwatch.com/story/wages-arent-growing-when-adjusted-for-inflation-new-data-finds-2018-07-17

?uuid=c0b66924-89eb-11e8-9260-ac162d7bc1f7

Wages aren’t growing when adjusted for inflation, a new report released Tuesday showed.

According to the Labor Department, median weekly earnings fell 0.6% in inflation-adjusted dollars in the second quarter, compared to the same time period of 2017.

That’s now the third straight quarter where inflation has outpaced wage growth.

The issue of inflation-adjusted wages stagnating came up in the hearing with Federal Reserve Chairman Jerome Powell on Tuesday. He was asked by Sen. Sherrod Brown, the Ohio Democrat, whether the typical worker really is better off than he or she was a year ago.

[elleng]

1. Wages haven't grown in a long time (as I, not an economist, recall,)

even under Prez Obama's administration of continuing improvement after disastrous bush years. The 'system' won't allow it, and may be a major part of our downfall.

[TomCADem]

2. Wages Grew Under Obama, Just Not Fast Due to Great Recession...

...as the chart shows, there was some wage growth, particularly toward the end of President Obama's presidency. This may due to efforts by Republicans to pursue austerity in an effort to place the blame on President Obama. Yet, what is amazing is how real wages have fallen under Trump despite the fact that Congress has gone along with his huge tax cut stimulus.

[rusty quoin]

3. I noticed that for a long time. The money I made in construction was the same I made in the 90s.

The great wages we made in the 90s were exactly the same on military base jobs in the 2000s. It was the same number.

[elleng]

4. Thought so,

which goes a fair way to explain trump 'movement,' as well as Senator Sanders' appeal to so many.

[TomCADem]

5. True. However, the Trump/Sanders Anti-Trade...

...policies and tariffs don’t seem to be helping the middle class. I understand the appeal of scapegoating immigrants and foreign trade. It was done during 1930s and it is being done now, which explains Trump and Bernie’s populist appeal.

[elleng]

6. It's trumps scapegoating policies that are harming the middle class;

nothing to do with Senator Sanders.

[TomCADem]

7. Trump Totally Stole Sanders' Populist Trade Policies

Attacking multilateral trade agreements was Bernie’s signature issue. I don’t think voted yes to a single trade agreement. Trump is ripping off Bernie and refusing to give Bernie credit for a key plank of Trump’s policies that has proven popular with Trump’s White working class base. Tariffs on steel imports, blowing up TPP, tariffs on China, attacks on imports from Mexico.

What I wonder is why does Bernie let Trump take the credit? Bernie has said very little about trade in the last few months. Bernie should take the issue back from Trump.

[yallerdawg]

8. "Bernie should take the issue back."

You forgot ?

[TomCADem]

9. Just Wish Bernie Was Not MIA on Trade

Trade issues have been dominating the headlines, and given his past leadership, I would have expected Bernie to continue to be as outspoken as was. Bernie owned the issue with Trump just ripping Bernie off as noted in this clip: