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Bidenomics and Its Discontents (www.thenation.com)

submitted 8 months ago by juicy to c/politics@beehaw.org

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[P]erhaps the voters are sensible and the economists are obtuse. And perhaps the indicators on which economists rely no longer mean what economists suppose them to mean.

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[–] mozz@mbin.grits.dev 4 points 8 months ago

I'm saying the last couple of years is an illusion. As soon as things get back to normal economically, the inequity will continue its march.

And yes, mid to post pandemic saw rising wages. 1 million+ died, 3.5-4 million retired. When the restrictions loosened up, what was the big problem? "No one wants to work!!!" Because a lot of people took those relief checks and retrained themselves.

So... things will get back to inequality again, as soon as all those people un-retrain themselves, un-retire, and come back to life?

I'm mean, I'm partly kidding; I actually do think people straight-up dying or becoming disabled had a big unrecognized impact in wage growth, yes. But also, supply chain inflation and companies that went bust during the pandemic and didn't come back, put some weight on the scale on the other side.

Biden's policies created 700,000 new manufacturing jobs so far. We raised corporate taxes significantly and then put hundreds of billions of dollars back into domestic industry in a way that was specifically designed to create jobs. It would be weird if the impact of that was 0.

Let me ask this -- if your assertion is that wages rising is just a natural response after Covid killed all these people and made the market tighter (if I've understood you right) -- why hasn't it happened that way in any other first world country within the same time frame? Pretty much all of them except the US have seen wages falling (or, have seen inflation rising fast enough to overpower the slight rise in wage growth).