Workers want to be able to live as well as they did last year. I’m shocked.
I'm not sure I really see anything interesting here, except this:
> The numbers are significant in that wages increasingly have been recognized as a driving force in inflation
Rising wages aren't the driving forces of inflation. The problem is exactly the opposite it seems.
The Federal Reserve and "easy money" policies put a lot of money into the system trying to deal with the pandemic. The fallout of that is inflation.
The fallout of THAT is people need more money to get by. Not just to deal with the inflation, but to deal with raising interest rates and everything else that comes along with trying to "fix" that issue.
So people demand higher wages.
Inflation is how we pay the bill.
A lot of our problems simply come from low interest rates, and our inability to raise them as the economy got better; now we are stuck with raising interest rates because we basically broke the lever. Both parties are at fault here, I guess we are just getting what we asked for.
What Biden did recently, however, was a truly massive spike in deficit spending, thus spiking inflation a few months later.
https://fred.stlouisfed.org/series/FYFSD
What do you think a $3,200,000,000,000 deficit in just one year might mean to the economy? Do you see the part where the deficit dropped to $1,300,000,000,000 and "they brought down the inflation part"?
For a liberal HN reader living in an expensive apartment in SF, what you say is a cause for downvotes.