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.