“Prices rose at their highest clip since 2012 over the past year, the Labor Department reported Thursday. The 2.9 percent inflation for the 12-month period ending in June is a sign of a growing economy, but it’s also a painful development for workers, whose tepid wage gains have failed to keep pace with the rising prices.” Chicago Tribune, last month.
So the economy grew by 4.1%, but everything got 2.9% more expensive (on average; rents are up 3.6%). And wages? Up 2.7%. Yup, the average American worker is falling further behind.
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