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While Federal Reserve economists have retired their line that inflation is transitory, they’ve continued to downplay the risk of a wage-price spiral. We wonder what they call the 14.5% raise that United Airlines agreed last week to give its pilots through the end of next year.
Anyone who’s flown recently knows they had better check their expectations of an on-time departure at the gate. A pilot shortage and other labor issues have disrupted flights across the country. While flying has rebounded to near pre-pandemic levels, many pilots have retired. Competition for pilots is fierce. An American Airlines subsidiary recently announced a 50% pay increase through August 2024.
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