California’s 2020-22 wages up 5.2% a year but only 0.7% after inflation
. The focus was comparing the pandemic era to 2012-2019 – before the coronavirus struck and a time when folks bitterly complained about miserly pay increases.Yes, raises have soared in the pandemic era for reasons ranging from a worker shortage, employees willing to switch bosses to get better pay, and a surprisingly robust economic rebound from coronavirus-related business limitations.
Compare those raises to what bosses handed out in pre-pandemic 2012-19. In those years, California’s weekly wages grew at an average 3% annual pace vs. 2.6%-a-year nationally.And you know why: Everything from too much stimulus to a shortage of goods to soaring energy costs to distribution headaches to, yes, bosses passing along the cost of fattened raises to customers.
That near tripling of inflation over this extended period took a serious bite out of what otherwise would seem to be generous raises. Let’s think about what economists call “real” pay increases – that’s wages after the cost of inflation.
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