WORKER WOES

While not data points, newspaper headlines like “Real Estate Agents Quit as Housing Market Slouches,” “Retailers Cut Prices to Lure Struggling Shoppers,” and “Gap in Profits, Worker Pay Widens” suggest consumers are hurting. Here’s the supporting data. Adjusted for inflation wages are up 3% since the end of 2019, profits are up 50%. Capital is on fire, but labor is struggling. Higher taxes on the very rich are virtually inevitable.