The average hourly wage of rank-and-file workers — who make up about 80 percent of the work force — reached an all-time high of $17.57 last month, even after taking inflation into account. Two years ago, the hourly wage was $17.01, adjusted for inflation.So much for globalization depressing the average American worker's wage. Cheap foreign goods are also a large reason why inflation remains low in the United States. If inflation was rampant in today's economic climate, the Fed would be forced to decide between raising rates and ensuring recession, or lowering rates and ensuring...recession.
Friday, October 05, 2007
In today's New York Times: