Fmr. Obama Chief Economist: ‘Wages Are Growing Slower than Prices; Real Wages Are Down’

UNKNOWN MALE 1 And ░░░░░░░░ the answer to that ░░░░░░░░ no But Jamie Dimon ░░░░░░░░ saying that he thought ░░░░░░░░ American consumer had basically ░░░░░░░░ to nine months of ░░░░░░░░ left or excess savings ░░░░░░░░ everybody s not everybody ░░░░░░░░ a lot of people ░░░░░░░░ flushed with cash according ░░░░░░░░ Golden s numbers and ░░░░░░░░ The question is how ░░░░░░░░ would that last GOOLSBEE ░░░░░░░░ there s a huge ░░░░░░░░ that s happening in ░░░░░░░░ job market right now ░░░░░░░░ it s that it ░░░░░░░░ worth remarking on which ░░░░░░░░ for everyone s saying ░░░░░░░░ demand is high and ░░░░░░░░ have an a massively ░░░░░░░░ labor market wages are ░░░░░░░░ slower than prices The ░░░░░░░░ margins of companies are ░░░░░░░░ So you would not ░░░░░░░░ real wages would be ░░░░░░░░ down if the job ░░░░░░░░ s as tight as ░░░░░░░░ some of the business ░░░░░░░░ are saying So I ░░░░░░░░ think that s a ░░░░░░░░ significant puzzle There s ░░░░░░░░ evidence of the old ░░░░░░░░ price spiral driving inflation ░░░░░░░░ price spiral almost by ░░░░░░░░ implies wages are going ░░░░░░░░ faster than prices When ░░░░░░░░ wages are going down ░░░░░░░░ s not a danger ░░░░░░░░ wage price spiral UNKNOWN ░░░░░░░░ 2 Austin and by ░░░░░░░░ measures I mean aside ░░░░░░░░ that if any do ░░░░░░░░ think that the job ░░░░░░░░ is less tight than ░░░░░░░░ we think I mean ░░░░░░░░ just talked about this ░░░░░░░░ of of you know ░░░░░░░░ out of the out ░░░░░░░░ the labor force GOOLSBEE ░░░░░░░░ it s the job ░░░░░░░░ looks very tight It ░░░░░░░░ the puzzle is why ░░░░░░░░ t wages going up ░░░░░░░░ So when people are ░░░░░░░░ we have to slow ░░░░░░░░ growth of wages if ░░░░░░░░ take the productivity over ░░░░░░░░ long period don t ░░░░░░░░ take a one quarter ░░░░░░░░ one month productivity real ░░░░░░░░ is up more than ░░░░░░░░ percent from before the ░░░░░░░░ began Real wages are ░░░░░░░░ The real wages shouldn ░░░░░░░░ be able to go ░░░░░░░░ 5 percent without generating ░░░░░░░░ just from the productivity ░░░░░░░░ fact that you re ░░░░░░░░ seeing real wages go ░░░░░░░░ is a sign that ░░░░░░░░ s no wage price ░░░░░░░░ in in the hopper ░░░░░░░░