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Here's the reply to your cartoon:LET’S GO BRANDON, with all due respect
P.s. This cartoon is before the Ukraine war, The Gaza war, and the Ouster of the PTI government.
Biden's support for Israel's war in Gaza is alienating Palestinian, and many Muslim, citizens. Many have announced they will not be voting for Biden in 2024.
If not Biden, then who? Those not voting for Biden, or a third party, should know that they are giving the vote to Trump, who is more stridently more pro-Isreal than Biden.
Think about it.
And the migrant crisis. The economy isn’t the only thing the cartoon showed. In fact, any gains, are being lost to inflation and accommodating the unrestricted migrant inflows, at least into New York.Here's the reply to your cartoon:
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Wages are finally rising faster than inflation
Average hourly earnings compared to CPI inflation
Year-over-year change; Monthly, June 2020 to June 2023
Americans' paychecks have gotten bigger in the last two years, but not enough to keep up with inflation. Now, lower inflation means the average worker is seeing rising purchasing power.
By the numbers: Real average hourly earnings are up 1.2% in the 12 months ended in June, the Labor Department said Wednesday following the release of the latest inflation data.
State of play: The question now is whether the labor market will be strong enough to keep real wage gains coming as inflation continues to diminish — potentially enabling workers to catch up with some of the real purchasing power their paychecks lost in 2022.
- It had ticked higher in May, but before that had been in negative territory for nearly two years, as workers' raises were not enough to keep up with sky-high inflation.
- For production and nonsupervisory workers, that number was even stronger, with a 2.2% year-over-year gain in real average hourly earnings.
Yes, but: Continued real wage gains depend on which happens faster: falling inflation rates or a softening labor market, leading to smaller raises for workers. See the chart
- The swing into positive real earnings might explain why some evidence points to public opinion about the economy improving in June.