General Discussion
In reply to the discussion: I just got my fuel oil bill. [View all]Johnny2X2X
(19,003 posts)The last year saw the best wage growth in decades, and it was more pronounced in the lowest income brackets, as a matter of fact, real inflation was negative for the lowest wage workers, they saw on average a bigger raise in 2021 than prices rose. 8% to 6.8%, so "real inflation" went down for them, but you haven't hear that anywhere.
And even the rest of the working class saw great wage growth, so if prices went up 6.8% in 2021, they were mitigated for all workers by an average 5.1% growth in wages. We're not that out of whack. I'd take 5% inflation forever if wage growth were 6%, so lower inflation by a couple points and raise wage growth just a bit and everyone will be getting ahead and we'll rebuild the middle class.
Some of these commodities like heating oil is just flat out price gouging though, there has been nothing in the last year that has happened that warrants a doubling of heating oil prices, nothing.