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Friday, July 07, 2006

Very important post (if you like getting paid)

Posted by: Hammer / 1:41 PM

Kevin Drum thinks long-term:

Sorry, did I say down? Yes: inflation over the past 12 months has clocked in at about 4.1%, so a 3.9% rise in nominal wages is a decrease in real wages. This is the "wage spike" the Fed is supposed to be concerned about.

Riddle me this: if the Fed tries to put the brakes on wages every time they creep up from negative to zero, what will hourly wages look like over the long term?

Answer: consistently down.

You know what would fix this? If Paris Hilton got a tax cut.

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