Paycheck Pressure

Buried deep in the article is this quote:

“With worker pay stagnant, why are so many surprised that consumer spending is going nowhere?” asked economist Joel Naroff at Naroff Economic Advisors in a recent note to clients. “How can consumers lead the way if they don’t have the means to purchase more goods? They cannot.”

In other words, something which cannot be repeated often enough (and isn’t): Consumers are the real job creators.

As an aside, Unions help to keep wages going up. This actually helps businesses in the long run, despite themselves.

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