Wage Income Rose to a Record High and the Tree in My Back Yard Is Taller Than Ever Before

Economies typically grow and that means aggregate wage income typically grows. That is why it is a bit bizarre that in laying out the case for a Fed rate hike, Steve Mufson told readers:

"Inflation-adjusted wages and salaries in personal income rose to a record high during October, up 2.9 percent from the year before."

That's pretty much the normal state of affairs, as can be seen.

The Great Recession was extraordinary in giving us a prolonged period in which inflation-adjusted wages did not...