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There is a boom.........but there is also significant price inflation of many things, some would say on a bubble level, making quality of life for many not that hot.
If you want wages at the bottom to grow, you probably need to restrict the glut of unskilled labor in the country.
Maybe if we had selective immigration (and actually adhered to it) like dozens of other countries, then we wouldn't have 30 million people competing for 25 million jobs that require little to no training.
If you want wages at the bottom to grow, you probably need to restrict the glut of unskilled labor in the country.
.....and be willing to pay $10 for that hamburger, $50 for that lawn mowed, $30 for that car to get washed, $10 for that tube of toothpaste, etc... That's the problem here. We say we want wage growth at the bottom, but then those who are able to support it's ripple effects, complain that things cost too much now which eats away at their own buying power. Business only survives if costs are covered.
So...we tend to go for the $5 hamburger, $30 lawn mowed, $20 car wash, $5 toothpaste and ignore the reason why... I'm one of those people to be honest. I make a healthy living. I'd say I'm in the top 3% per the media. But have a hard time paying Frank $10,000 for that fence install when Hector can install the same fence for $7,500, and if I am to be honest here, Hector gets it done faster and just as good if not better than Frank and his long list of excuses for the delays.
Give you another example, a real-world example that happened to me recently. Was going to refinish my floors. "Bill" came to my house and quoted me $4.25 PSF to refinish them, including the stairs. Then I met Jose', who quoted me $2.15 PSF to do the job. Turns out Jose' knows Bill, as Bill subcontracts Jose' for his jobs and pays Jose'....you guessed it....$2.15 psf. So.... why pay Bill $4.25 when the real job costs only $2.15 for the guy and his crew who actually do the work? Bill, my "buy American" pitch guy, basically charges a near 100% mark-up to just be a pitch man. I ended up doing the job myself.
The last Micky D's I went into had 4 or 5 iPad like devices the size of my torso standing in the lobby. I ordered, grabbed a numbered table tent, sat down and my food was delivered.
The beginning of the end is near for the fast food worker.
Well I'll agree that the economy is not booming. Its just growing at a normal pace. However, if the economy wasn't growing, the GDP wouldn't be measuring growth. If you think the GDP data is flawed, its hard to find a measurement that suggests no growth. Markets, housing, unemployment, even the dollar is strong. I make 18 times more than I did since my first job 23 years ago (not adj for inflation of course).
But this will sadden the Truthmakers. Boo hoo. To them, anything they say is made reality. They want to fantasize and promote the myth of a boom. Oh well, I guess we'll have to live in the realm of reality after all.
Maybe there actually is a "boom", but of a negative type. Implosions tend to be booms of a destructive nature. Some do celebrate destruction, on a perverse level, especially when it benefits them. Thus we return to the Truthmakers. The wheel spins round and round, and yet we gain no ground.
whether it is a boom or bust is really an individual situation .
all i know is we did very well over the last decade and so far retirement and our investments are doing just fine . there are always those who will do just fine and find a way to be successful no matter what . then you will have others who just find an excuse
Real average hourly earnings decreased 0.2 percent, seasonally adjusted, from July 2017 to July 2018.
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