The US economy added a whopping 353,000 jobs last month, far more than the 176,500 jobs expected. It’s yet another data point that underlines the country’s economic strength, even in the face of 11 rate hikes from the Federal Reserve.
The US economy added a whopping 353,000 jobs last month, far more than the 176,500 jobs expected. It’s yet another data point that underlines the country’s economic strength, even in the face of 11 rate hikes from the Federal Reserve.
If somebody could politely explain to me, why is the economy doing well but my paycheck provides less and less each month? I feel like these numbers are divorced from my everyday experiences. Does the inflation of goods not factor in?
Marx explained this very phenomenon in Das Kapital. Creating jobs is a meaningless metric when employers aren’t required to pay people a living wage. Minimum wage in US is nowhere close to being livable at this point, and what happens is that people are simply having to get multiple full time jobs to pay their bills. In fact, 37% of the population is now working two full time jobs now.