The Poor Get Poorer

Lost in the breathless reporting of today’s unsurprising rise in CPI was the BLS report that we now have a year-over-year decline in real hourly earnings (to stay nothing of a steady diet of monthly declines). A recovery, for sure.

A decline in real earnings generally translates into a decline in consumption and thence into economic slowing and bear markets. But maybe this time is is different, somehow. Or maybe not.

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