The group that may be feeling America's inflation the worst just happens to be the group that votes a lot.
AdvertisementAnd aggregate numbers only tell part of the story. When it comes to the race between wages and inflation, the middle class in particular is finding itself left in the dust.This year, the job market has been on fire for lower-wage workers. Amid a nationwide labor shortage that has left retailers, restaurants, and hotels scrambling to hire, they’ve been able to notch big raises by hopping between employers. Among the bottom quarter of earners, median hourly pay is up about 4.
For the middle 50 percent of earners, meanwhile, wages are up less than 4 percent, while for the top quarter, it’s up less than 3 percent—well below the overall inflation rate.from University of Massachusetts Amherst economist Arindrajit Dube that zeroes in on just the third quarter of this year. For roughly the bottom 40 percent of workers, wages either matched or stayed ahead of inflation, on average.
, “The current inflation spike is really a consequence of supply constraints meeting very strong demand, and that is all associated with the reopening of the economy, which is a process that will have a beginning, a middle and an end.”
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