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The U.S. Economy Reaches Superstar Status
No, really.
Loretta Mester, the president of the Cleveland Federal Reserve, recently told The New York Times that wage growth hadn’t kept pace with inflation, citing an indicator that tracks changes in compensation withinparticular industries. This finding holds even when you account for the fact that lower-income Americans tend to spend a higher proportion of their income on the items that have experienced the largest price increases in recent years, such as food and gas. “Low-wage workers are finally getting a small taste of the bargaining power that highly paid professionals experience most of the time,” Betsey Stevenson, a labor economist at the University of Michigan, told me.
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