To anyone that has connections to the Fed. We need to find a way to strip away the input labor costs of goods and services in the inflation measurement.
Specifically, the labor costs for non-manager, front-line employees, and those that are within a certain percentage of the state minimum wage.
Inflation should not include the act of bringing millions of employees up to a meaningful earning level. A worker moving from $8.50 to $16.00 an hour is not inflation, it’s equitable treatment.
Increasing interest rates, which affect that same person’s credit card, auto, education, and housing costs essentially negates the raise they got in the first place.