Over last weekend, I read a bunch of notes which indicated that Trump was claiming credit for a boom in wage growth.
Let’s take a look:
THIS is a wage boom:
In the 1960s, real wages grew by almost 9% over 7 years, an average of 1.3% per year.
THIS is also a wage boom:
In the late 1990s, real wages grew by just over 9% in 7 years, again averaging 1.3% per year.
This is NOT a wage boom:
During the first year of Trump’s term, real wages grew by 0.6%. This is less than half of the rate of a real wage boom.
Damn! Data bites Trump in the ass again!
BLS reports 200K extra jobs per the payroll survey. Household survey shows that the employment to population ratio is still stuck at 60.1%
Leave it to Kevin Hassett to say wage growth has been incredible and that it is all due to that December 2017 tax cut. Yea – this is the fellow in 1999 that said the DOW was about to triple to 36000!
Why bother with anything a known liar ever says?