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Employment costs rose at the fastest pace in 19 years and did so without an increase in Federal Minimum Wage and realignment of compensation ranges/ caps.
Some might recall, in 2017, Trump said this would happen.
What was not said ( although understood by some) was that increased employment costs would be passed onto consumers.
Heard an ad on TV by a local large plumbing company recruiting experienced plumbers. Wage up to $150,000/ year., plus bonus. 4 weeks paid vacation. Paid sick leave. 401k. Company- paid healthcare insurance. $4,000 sign- on bonus.
Steel prices climbed throughout 2020 and continue to do so. Tarries are passed onto consumers.
Then there are the so called shortages. I believe some of these shortages are contrived by manufacturers.
Guess Biden could issue a Wage/ Price freeze by EO, as Nixon did in 1970.
Guess Biden could impose a temporary ban on certain exports as Trump did. This likely would result in a demand for compensation by producers, no different than when Trump banned export of certain crops to China.
It’s likely Biden will release a portion of oil reserves at some point this winter.
It’s fascinating to read those complaining about inflation- can’t put food on the table and/ or can’t gas up while complaining about shortages.
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