If the Fed is Raising Interest Rates Because of the Growth in Non-Wage Compensation, It is Badly Mistaken

The NYT ran a piece saying that the Federal Reserve Board is raising interest rates, in spite of weak wage growth, because of the more rapid growth in non-wage compensation.If this is true, then its policy is badly mistaken.

The piece tells readers:

"The average worker received 32 percent of total compensation in benefits including bonuses, paid leave and company contributions to insurance and retirement plans in the second quarter of 2018. That was up from 27 percent in 2000, federal data sh...