Wages Remain Stagnant, Central Planning
Continues to Fail Working Families
APIA Director of Monetary Policy Steve Lonegan:
“No wonder people feel like the game is rigged.”
Washington, D.C. – A new report reveals that wages barely increased in the second quar-ter, growing at the slowest pace on record. Wages grew at just 0.2 percent in the se-cond quarter of 2015, decreasing even further from the 0.7 percent increase in the first quarter.
Steve Lonegan, Director of Monetary Policy at American Principles in Action, released the following statement:
“This report is another example of the failure of central planning. How are families sup-posed to get ahead when they are dealing with higher costs and stagnant wages? It’s impossible. No wonder people feel like the game is rigged.
“Manipulating the value of our currency through the Federal Reserve’s discretionary monetary policy is only tightening the vice grip of stagnant wages on working families, while at the same time destroying the value of their savings.
“It’s time to find a new way. The Centennial Monetary Commission can be a critical first step to restoring wages and prosperity for working families.”
The Centennial Monetary Commission, which passed through the House Financial Ser-vices Committee earlier this week, is designed specifically to chart territory previously unchartered for the Federal Reserve by producing an empirical study of the impact of various Fed policies on the real economy over its first 100 years, including job creation, economic mobility, and equitable prosperity, and making recommendations to Congress in a report to be delivered in December 2016. The proposed legislation, first introduced in the 113th Congress and now introduced in the 114th Congress, has drawn praise from leaders and organizations all across the political spectrum.
Stagnant wages, rising prices, the Centennial Monetary Commission, and more will be discussed at the Jackson Hole Summit next month. RSVP today!
For further information, to RSVP for the Jackson Hole Summit, or to schedule an interview with Steve Lonegan, please contact Kate Bryan at 202-503-2010 or [email protected]
American Principles in Action is a 501(c)(4) organization dedicated to preserving and propagat-ing the fundamental principles on which our country was founded. It aims to return our nation to an understanding that governance via these timeless principles will strengthen us as a country.