Although it is years late to the party, the Wall Street Journal is finally acknowledging the negative impact that low wages have on the American economy, albeit in a twisted, delusional manner. A front page graph from today’s WSJ shows the decline in employee wages since 2010. The caption underneath the graph reads:
“Economists fret that stagnant wages are hampering growth in the U.S. as consumers, the biggest driver of the economy, are reluctant to spend more unless their pay grows. Workers think they can’t push for raises because they feel they have limited bargaining power.”
I would congratulate the WSJ for its willingness to accept a long standing reality, but the folks at America’s only reputable conservative news outlet still seem so intent on infecting the country with toxic ideology that they are far more deserving of rebuke.
Take the idea that “consumers are reluctant to spend more unless their pay grows.” There is quite a difference between “reluctant” and completely incapable. Consumers are only “reluctant” to spend when they have money to spend in the first place. Continue reading