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- Title
CNN Says Wages are Skyrocketing!
- Authors
BAKER, DEAN
- Abstract
According to an article from CounterPunch, CNN recently reported on the rising prices of goods and services, suggesting that working families are struggling to make ends meet due to the increasing cost of living. However, the article argues that CNN failed to consider wage growth, which has actually outpaced inflation in many areas. The Bureau of Labor Statistics data shows that wages for production and non-supervisory workers have increased by 24.0 percent since the start of the pandemic, outpacing the overall Consumer Price Index (CPI) by 3.6 percentage points. While food prices have slightly outpaced wage growth, there have been periods in which food prices have risen more rapidly than wages. Rent prices have also risen faster than the overall CPI but less rapidly than wages. The article acknowledges that there are challenges in the economy, but overall, the current economy is considered one of the strongest in the last half-century, despite the impact of the pandemic.
- Subjects
WAGES; WAGE increases; COST of living; REAL wages; PRICES
- Publication
CounterPunch, 2024, p1
- ISSN
1086-2323
- Publication type
Article