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Inflation is running at 40-year highs. Gross domestic product has declined for two consecutive quarters—the textbook definition of a recession. The Opinion pages of The Wall Street Journal look at the numbers, Congress’s attempts to fix the problem and what the future holds for the U.S. economy.
F. Vincent Vernuccio: With Inflation High, Unions Suppress Wages
Good luck getting a big raise if you’re in a union right now. That’s the unspoken message of a July 29 report from the federal Bureau of Labor Statistics. It showed that nonunion workers’ nominal pay in June was up 5.8% year over year, compared with only 3.8% for union workers’. The gap has been widening for a year.
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