someoneyouknow
Literotica Guru
- Joined
- Jun 5, 2006
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- 28,274
In another stunning smackdown of the con artist's endemic lies, Federal Reserve Chairman Jermoe Powell had this to say about the "hot" labor market when asked at a Congressional committee hearing:
We don't see wages responding. The very thing many, many, MANY others have been saying for the past two years. If employers were as desperate as they claim for workers, wages would be soaring. Instead, as the Fed chair pointed out, the increase in wages is barely enough to cover inflation, which is also underreported.
Thus, the nearly thirty years of no wage gains for the middle class continues while the 1% reap the rewards of the largest wealth transfer in this country's history. Remember when the con artist claimed by cutting corporate taxes people would get raises? Pepperidge Farm remembers.
https://www.cbsnews.com/news/federal-reserve-chairman-jay-powell-no-evidence-hot-labor-market-wages-low/
"We don't have any basis or any evidence for calling this a hot labor market," Powell said. "We have wages and benefits moving up at 3%, which is good because it was 2% a year ago, but 3% barely covers productivity increases and inflation," he continued. However, he said, "we haven't seen wages moving up as sharply as they have in the past."
. . .
"3% is a low unemployment rate, but to call something hot, you need to see some heat," Powell said. "While we hear reports of companies finding it hard to find qualified labor, we don't see wages responding."
. . .
"3% is a low unemployment rate, but to call something hot, you need to see some heat," Powell said. "While we hear reports of companies finding it hard to find qualified labor, we don't see wages responding."
We don't see wages responding. The very thing many, many, MANY others have been saying for the past two years. If employers were as desperate as they claim for workers, wages would be soaring. Instead, as the Fed chair pointed out, the increase in wages is barely enough to cover inflation, which is also underreported.
Thus, the nearly thirty years of no wage gains for the middle class continues while the 1% reap the rewards of the largest wealth transfer in this country's history. Remember when the con artist claimed by cutting corporate taxes people would get raises? Pepperidge Farm remembers.
https://www.cbsnews.com/news/federal-reserve-chairman-jay-powell-no-evidence-hot-labor-market-wages-low/
