by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Economists in the Obama Administration and elsewhere declared slow growth to be “new normal” and refused to reconsider despite every economic indicator saying otherwise — we have more job openings than workers to fill them, for example. These economists keep repeating the claim that Americans’ wages have not been rising.
Don’t be fooled. Council of Economic Advisers analysis and economists at the Joint Economic Committee have clearly shown the growing strength of this economy and of worker compensation.
Using four different official measures of worker pay and seven different inflation measures, the Joint Economic Committee’s economists found only one of the 28 showing average real wage growth lower than during the Obama-era recovery. If you follow the recommendation of four out of five dentists, you are safe believing what these 27 out of 28 measures say.
The victims of the slow Obama recovery are seeing the greatest impact of economic growth: The unemployment rates among those workers who historically faced the greatest challenges in the job market have fallen drastically over the last 20 months. Among those without high school diplomas, the unemployment rates of blacks, Hispanics, and whites have fallen 8.1%, 3.8%, and 3.3%, respectively.