Inflation is "always and everywhere a monetary event" ~ Milton Friedman
Here is wage growth YOY over the past few years:
Employee wages are just part of the income picture. By including more kinds of incomes we got the average U.S. after tax income at an all time high. The problem is that people aren't seeing these big incomes and real median household incomes have been falling for 15 years. On top of all this is the fact that politics is corrupting the data --those median numbers come from our impuned Census Br. while disposible income stats are from technocrat geeks at the BEA.
I understand the concept of inflation being a monetary process
I omitted the intermediate step. Wage increases become desirable as the $$ value decreases.
To stay even or to get ahead a little, wages and salaries must increase to compensate for the devaluation. There is I believe a political desire on both sides to have some inflation to effectively devalue the debt. An important component is wage inflation. The problem is that with the rate of unemployment high, increases in wages just don’t happen across the board. The hue and cry and in some cases actual increase in the minimum will nudge general wage increases.
And then there is another, definitely non monetary vector. That is Obamacare. The pain of Obamacare cost increases can be masked by everybody getting a raise.
Between the monetary vector and the Obamacare vector, the moonbats have powerful incentive to howl for a vector resolution, for minimum wage and thus across the board wage and salary increases.