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Economy
Fed tells employers to STOP giving pay rises in order to bring inflation down: Warns wages are rising faster than they have in decades - and there are now almost two jobs for every person looking for work
2022-11-18
[Daily Mail, where America gets its news]
  • Christopher Waller, one of six members of the board of the Federal Reserve, on Wednesday addressed the Annual Economic Forecast Luncheon, held in Arizona

  • Waller, a governor of the Fed since December 2020, used his speech to emphasize 'the Federal Reserve's ongoing fight to reduce inflation'

  • He urged employers not to give any pay rises, saying that it was pushing up inflation

  • 'At any other time, I would be pretty unhappy about slowing growth, but not now,' Waller said
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Federal Reserve: 2022-10-23 IRS raises 401(k) contribution limit by record amount as inflation rages
Posted by:Skidmark

#16   Depending on how much you made you could be required to pay taxes on up to 75% of Socual Security.

I have long assumed that by the time I started collecting Social Security, we’d be paying 100% “income” tax on what the government sent us. So we started saving early against that eventuality.
Posted by: trailing wife   2022-11-18 19:18  

#15   Private sector cannot until all Public Sector Employers cuts 5% of workforce, and 5% on wages, and unemployed receive goods instead of money/credits.

Thread winner. Well said.
Posted by: no mo uro   2022-11-18 15:49  

#14  Supply and Demand
I’m sure Mr Waller heard of it somewhere
If demand is higher than supply, the price of supply will rise.

These numbskulls don’t even understand basic economics much less macroeconomic and monetary theory

We’re in worse trouble than I thought
Posted by: Sock Puppet of Doom    2022-11-18 13:38  

#13  As if employers needed encouragement.
Posted by: Angstrom   2022-11-18 13:32  

#12  Real wages have gone down every month for close to two years. In cases where two openings are available for every job seeker, a wage level freeze will just double already high turnover rates.
Posted by: Super Hose   2022-11-18 12:23  

#11  The biggest employer took 86,000 mop pushers off the hiring list for premium IRS wages, and yeah not the tax return department kind.

A 20 hour week is going to be hard-core for those used to free foosball, private crying rooms, and a 5 Michelin Star buffet.
Posted by: swksvolFF   2022-11-18 12:06  

#10  Perhaps Musk has the right idea.

Musk triggers liberals with email urging employees to commit to ‘extremely hardcore’ work: Musk's ‘hellscape'
Posted by: Skidmark   2022-11-18 11:15  

#9  If the government was to actually cut staff you know it would just be the ones who send your tax refunds and issue your drivers licenses.
Posted by: Glenmore    2022-11-18 10:48  

#8  Private sector cannot until all Public Sector Employers cuts 5% of workforce, and 5% on wages, and unemployed receive goods instead of money/credits.
Posted by: swksvolFF   2022-11-18 10:30  

#7  perhaps Christopher Waller could donate his salary to the Gubbamint, like Donald Trump did?
Posted by: Frank G   2022-11-18 09:53  

#6  These people really hate the regular worker, don't they?
Yes they do.If you are on Social Security and still have to work you pay Social Security and Medicare. A certain amount is taken out of your Social Security for Medicare. After a certain amount of pay from your job you have to pay taxes on that plus taxes are taken out of your Social Security. Depending on how much you made you could be required to pay taxes on up to 75% of Socual Security. They really do look at it as THEIR money.
Posted by: Deacon Blues   2022-11-18 09:50  

#5  These people really hate the regular worker, don't they?
Posted by: DarthVader   2022-11-18 07:46  

#4  Hey, how about forgoing annual federal 'bonuses' this year! Fight Inflation Now!
Posted by: Procopius2k   2022-11-18 07:30  

#3  Somehow you knew this inflation problem would end up being their fault.
Posted by: Besoeker   2022-11-18 06:42  

#2  Practice what you preach Waller. Don't give gov employees a raise next year.
Posted by: The Walking Unvaxed   2022-11-18 06:18  

#1  These people are insane.

Mike
Posted by: MikeKozlowski   2022-11-18 06:09  

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