Nearly 900,000 Americans sitting down to Thanksgiving dinner this week will have unions – and the double-digit pay increases they won – to thank.
That’s how many unionized workers have won immediate pay hikes of 10% or more in just the last year, according to an analysis by CNN.
And the pace of increases of that size have been picking up. More than 700,000 of those workers won pay hikes over the course of the last six months, and of that group, nearly 300,000 saw deals reached in just the last six weeks.
“I would say this is the best run of wage increases won by labor since the period right after the end of World War II,” said Art Wheaton, director of labor studies at Cornell University’s School of Industrial and Labor Relations in Buffalo.
So you’re probably wondering how it’s possible that the dollar supply has been expanding at over 7% for the past 52 years, but inflation has only been 3% on average. The answer is that CPI data is designed to underreport inflation.
Yeah there’s so much wrong here that it’s difficult to know where to start. I guess maybe let’s start with, inflation isn’t determined by how many raw dollars are printed, and population rises aren’t being taken into effect, both of which will heavily change his end result.
Mfs still subscribe to inflation theory from 200 years ago smh…
Money is printed in accordance to inflation, among other things, but it’s not the cause. Ffs. The US printed trillions during and after the 2008 crash and there was barely any inflation then.
Glad to see this here. The way some leftists are repeating libertarian talking points about inflation these days is disturbing.
It’s intuitive because it follows from personal experiences with money. Having read and seen information on this, perhaps what gave me the clearest intuition was Randall Wray’s intro to MMT lectures. Perhaps throwing one of the simplest ones at leftists spouting this stuff would work for them too.
Seriously someone thinks that inflation is equal to increase in money supply? 🤦♂️🤦🤦♀️
