In his State of the Union speech Trump claimed an unprecedented economic boom and an “economic miracle”. What is the miracle? Yes, the elite enjoyed their stock price gains, but what about wages? How are 157 million employees doing? Take a look at pay increases minus price hikes, what economists call “real wages”. Trump’s Bureau of Labor statistics tells the tale. In Trump’s first year in office real weekly wages went up 0.8 percent. In the second year 1.2% A grand total of 2%. What a miracle! Not.
We know from PEW research that workers’ real wages have barely increased over 40 years. How are Chinese workers doing? Economist Richard Wolff points that just in the last dozen years real wages in China have quadrupled, meaning they doubled and doubled again. That’s a 400 percent increase
Here are a couple of graphs. He’s the 2% raise. Looks fat.
But here it is compared to what the Chinese workers received. Now it looks kind of pitiful.