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Correct!
And their raise at work (orange) has been falling behind cumulative inflation (blue) since the end of the COVID recession. https://t.co/FKq7nRu1nr
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By the way, the opposite was true from 2009 to 2020. raises at work (orange) outpaced cumulative inflation (blue).
This is why there was no talk about a "k-shape" economy. The bottom half kept pace with rising prices (if not outrun them in the second half, as shown below). https://t.co/EAPF6wJ1Be
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Why is Consumer Sentiment So Low? "Households don’t care that the trailing 12 month inflation rate was 3.4%. They do care that consumer prices are up 30% since the start of 2020...People hate high inflation." https://t.co/odFJ2DTonv by @awealthofcs https://t.co/0C3w67y7KL
RitholtzWealth ↗