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Home Publications Blogs Beat the Press Bernanke Thinks that Wages Are Rising?

Bernanke Thinks that Wages Are Rising?

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Tuesday, 03 August 2010 05:00
The NYT headline told readers that, "Bernanke Says Rising Wages Will Lift Spending." Real wages have been virtually unchanged over the last year. Let's hope that the NYT got the story wrong and that Bernanke knows this.
Comments (8)Add Comment
freud would be better fed chair
written by frankenduf, August 03, 2010 9:03
may be classic projection faux pax- bernanke got a raise (by virtue of not being unemployed after 'failing upwards' and keeping his position), so he figures everyone else is, too
...
written by Queen of Sheba, August 03, 2010 10:38
Richard Berner, Morgan Stanley Managing Director & Chief U.S. Economist, is now testifying before the deficit reduction commission, and he's saying the same thing as Bernanke, that is, wages are rising and will lift future spending, however long-term solutions for cutting the deficit will require biparisan solutions.

What planet are these people living on? In what universe are wages rising - whose wages and in which economic sectors? Maybe these folks are totally blindness to any sector past Wall Street. And expecting bipartisanship to produce anything approaching "solutions" is utter fantasy. Drivel - or wishful thinking.
...
written by izzatzo, August 03, 2010 11:00
Buncha socialist whiners you are, no appreciation whatsoever for how well off you are. Have any of you commie redistributionists even bothered to check on the sharply declining unit cost of computer storage memory rather than go on about stagnant wages?

Do you scabs even realize this potential of advanced capitalism? In economics, it's called the substitution effect, benefitting from a substitute towards the same use value at a lower cost cost.

Your wages may be the stagnant, but the memories, oh the memories, with all the cheap storage they can now be saved 24/7 and enjoyed repeatedly on demand, especially with all the extra leisure time now available. Particularly poignant are the emotional close-ups of people standing in food stamp and unemployment lines who used to have any wages at all.
n/a
written by Abigail, August 03, 2010 4:39
But wait, wages within the federal government are indeed increasing of late - in fact, quite dramatically. Perhaps Ben hasn't ventured much outside the beltway.
subjunctive needed?
written by Melissa, August 04, 2010 9:02
Perhaps the NYT writers don't know the difference between the indicative and subjunctive, and meant to write "would" instead of "will"?
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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.

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