It’s ‘not a good time to work’ as real wages have fallen 9% over the past two years


On Tuesday’s “CNN Newsroom” show, San Francisco Federal Reserve Board President and CEO Mary Daly said that, despite rhetoric to the contrary, now is “not the right time to be a worker” because people are losing purchasing power and “real wages, adjusted for inflation, the average worker in the United States has lost 9% over the past two years.

Daly said, “I want to say this to all of your listeners, we have a dual mandate that Congress gave us of full employment and price stability. We are clearly achieving our goal of full employment. We have a historically low unemployment rate. Anyone who wants a job can get several. But people only have 24 hours a day to work and seven days a week to do so. And what people are really struggling with, even with this job, even when it’s supposedly a good time for workers, they lose value every time they go to the store. Their purchasing power declines. A little-known statistic that I think is definitely worth talking about, real wages, adjusted for inflation, the average worker in America has lost 9% over the past two years. This is not a good time to be hardworking, right now things are out of balance and we are committed to bringing them back into balance.

Follow Ian Hanchett on Twitter @IanHanchett




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