The average American is finally starting to do good again. As the following chart ahows in inflation adjusted dollars there was very little wage growth. since 1964 and most of that, if not all came before 1974.
We are now seeing wage growth to go with job growth. Unemployment is low and we are seeing some significant wage growth. Yes, we have some inflation, but despite the doom and gloomers who want you to think things are terrible, most think it is not structural but the result of some temporary factors.
Some inflation is good for the economy. We certainly don't want it to go out of control, and we don't want to repeat the stagflation of the 70s where prices went up but wages didn't.
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