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Inflation hits 6-year high, wiping out wage gains for the average American
| as skyrocketed more than 24 percent, rent for a primary residence jumped 3.6 percent and meals at restaurants and cafeterias rose 2.8 percent.
Prices have risen roughly at the same rate as wages, erasing any gains workers may have hoped to realize via bigger paychecks.
“While the labor market remains historically tight, the pace of U.S. inflation is now outpacing wage gains late in the business cycle,” said Joe Brusuelas, chief economist at RSM, an audit and advisory firm.
| “The U.S. is now ensnared in a three front trade war which will in the near to medium term result in higher prices.”
For workers, more pain may be coming, as economists are concerned that prices could rise further due to President Trumps tariffs on many foreign imports. Trump put a 20 tariff on foreign washing machines earlier this year, and the inflation report Thursday showed more than a 13 percent spike in laundry equipment over the same period last year.
| https://www.washingtonpost.com/business/2018/07/12/inflation-hits-year-high-wiping-out-wage-gains-average-american
| Fuck the corporate slave lords, I hope the gods come out of heaven to smite their sinful asses.
| "But the stock market!"
| So stop letting in immigrants and let the labor force recover some of their bargaining power? Even the tech folks are getting a raw deal with the number of pajeets and other "new Americans" coming in.
| BUILD THAT WALL BUILD THAT WALL!!!!111!
IT'S ALL MEXICAN IMMIGRANTS, MUSLIMS AND LIBERAL-SOCIALISTS WHO CAUSE THAT!!!11!
AND TRUMP IS A GOOD PRESIDENT!!11
HE WILL STOP INFLATION WITH GOOD DEALS!!1!!1
| Can't wait to buy cup ramen for the low price of $59.99.
| *sigh* It pains me that both side focus so hard on half the problem that they refuse to comprimise on an actual solution. Its a complex issue, and politics is not a very dexterous tool. More like a sledgehammer. Anything that isn't simple, one-sided, and extreme gets shot down. What happened to moderate compromise?
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| Prices rose at their highest clip since 2012 over the past year, the Labor Department reported Thursday.
The 2.9 percent inflation for the twelve-month period ending in June is a sign of a growing economy, but it’s also a painful development for workers, whose tepid wage gains have failed to keep pace with the rising prices.
The cost of food, shelter and gas have all risen significantly in the past year.