Taps Coogan – August 11th, 2021
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Thanks to the various stimulus billls and handouts forcing employers to compete with expanded unemployment benefits that often exceeded median wages, the Payroll Protection Program, and other stimulus spending, US wages surged in 2020, despite the recession and lockdowns.
It was all going so well… and then inflation showed up.
As the following chart reveals, via Patrick Hill, inflation has not only wiped out all median wage gains, real wages are actually shrinking faster than they were during the depths of the Global Financial Crisis.
In what will apparently come as news in Washington DC, printing trillions of dollars and handing it out to everybody doesn’t actually create wealth. It just creates inflation.
Government handouts only work on Wall Street.
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