My opinion on the U.S. president affecting the economy is that they have minimal influence. But that observation applies to a democratic form of government with three co-equal branches. Now one autocrat is wrecking the world economy.
Inflation outpaced wage growth in April for the first time in three years, according to a Labor Department report released yesterday. Inflation-adjusted hourly wages fell 0.3% year-over-year, as inflation climbed 3.8%—its fastest increase in three years.
Economists largely attribute rising inflation to the energy chokehold caused by the Iran war's effective closure of the Strait of Hormuz, a critical shipping route for about one-fifth of the world’s oil and natural gas. Energy costs climbed roughly 18% from a year earlier, with gasoline up 28% and airfare up 21%. Meanwhile, core inflation, which excludes food and energy prices, rose 2.8% year-over-year.
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Posted by rblackinrva
3 Comments
The faster I run the further behind I get. Not only are wages failing to keep up with daily needs business perks like paid family leave are disappearing.
Never in modern memory has a president been so directly culpable for increasing costs for Americans.
Why is there a [gap]? Ohhhhh……I remember.