WASHINGTON (AP) — Halfway through a news conference Wednesday, the head of the world’s most powerful central bank was asked a question weighing on the minds — and the checking accounts — of Americans everywhere:
When will people finally start getting meaningful pay raises?
Jerome Powell, the chairman of the Federal Reserve, had no satisfactory answer.
He called it a “puzzle.” And then, as if measuring his words, he said he wasn’t prepared to call it a “mystery.”
Puzzle, my ass!
The Democrats are going to be disappointed by the mid-term election results: Presently, the economy is good for the pink people with a stock portfolio and Donald Trump's tax package, which favors the well-to-do, will not start to bite workers until after the elections. A knee-jerk negativity about the power of unions is in flower.... and Democrats too want the money the well-heeled can donate to political causes.
Ever since the Cold War, unions and Marxism have been combined in the lexicon pretty regularly. And the beloved Ronnie Raygun put a final nail in the union busting platform that folks won't soon forget. The free economy was sold as sexier than a fair economy. So we are free to be screwed, dream of lottery wins and other glass slippers.
ReplyDeleteProblem is that Jerry wasn’t the person who could honestly answer the question.
ReplyDeleteWithout the willingness to get a Masters or Doctorate or get into a substantial trade, to take risks, to organize, or to become entrepreneurs, the ordinary guy has got to buy his vat of Vaseline.
Hell, I bet you look for a bargain when you hire some to do a job around the house. I do. Why should corporations do any less?
Shopping for a cheaper guy is not the same as forcing everyone to be cheaper by lobbying government to keep minimum wage low or interfering with the creation of unions.
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