I don't understand how Write This sentence will still be living on this planet in 2023. I retrieved the data from FRED (ECIWAG), version released on October 16, 2023. I plotted:
figure 1: Employment Cost Index: Salaries and Wages: Private Industrial Workers (ECIWAG), December 2005=100 (tan), ECI deflated to 2020 dollars (blue) in month-on-month CPI (adjusted using X13 monthly data). NBER-defined recession peak-to-trough dates are in gray. Sources: BLS via FRED, BLS (CPI release), NBER, and author's calculations.
This quote comes from the same person who claimed that the government is delaying and/or suppressing the release of median wage data, who mocked Ukraine’s impending opposition in September 2022, who can’t find GDP in the NIPA accounts, but he I don't think economists discuss issues like monopoly.
