Tuesday, September 13, 2022

Some Hints At A Wage Price Spiral

The workers try to catch up to the CPI inflation they've experienced, the employers say no, the employees threaten to walk out and:

3 more unions reach tentative agreements with freight railroads
....“The tentative agreements … include a 24% wage increase during the five-year period from 2020 to 2024 — with a 14.1% wage increase effective immediately — and five annual $1,000 lump sum payments. Portions of the wage increases and lump sum payments are retroactive and will be paid out promptly upon ratification of the agreements by the unions’ membership,” said the NCCC, the group representing Class I railroads in the contract negotiations. 
The tentative agreement also adds an additional paid day off that can be used as a personal day, vacation day or on the employee’s birthday....
FreightWaves, September 11

The employers, in this case the railroads, raise their prices and everything from coal to corn flakes gets more expensive so:

September 12 - Massive health care strike: 15,000 Minnesota nurses walk off the job

September 13 - Tentative deal reached in Seattle teachers strike

It looks like at least 40% of the Seattle teachers make over $100,000 per year "https://fiscal.wa.gov/DVK12Salaries.aspx" so this is definitely a middle - upper-middle class phenomena at the moment.