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That whole Ayn Rand privileging of "job creators" only works if the job is worth doing for the pay that is offered. Eventually, the workers will stop showing up. I'm pasting one graph here. There are many like it.pic.twitter.com/1W8Ad0lUnT
Right? Tight labor markets that force rising wages are good. I am somewhat worried about the distortion-effect of UI, but that won't last forever (the enhancements to UI expire in September, I think), so my worries are fairly limited.
The continued slow wage growth during the 2nd Obama term and first 3 years of T's administration during a tight labor market were concerning to me. I'm not sure if there is yet an explanation. If anyone has one, please link!
My sense is that the explanations were partisan. On the left, the answer was that Obama's stimulus didn't go far enough and his monetary policy wasn't loose enough. On the right, uncertainty re: the ACA led to sluggish hiring because employment costs were hard to predict.
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