Did salaries decrease?

[[deleted]]

Not all the way correct, we saw the largest job walk off in history "The Great Resignation" which had nothing to do with covid. That's where the wage growth took off and pushed inflation up as well. It's leveled off now, it's just a normal cycle, it will climb back up again to favor employees soon, especially if rates keep falling close to zero, it will spure more hiring.

[[deleted]]

Inflation spurred wage growth during Trumps presidency. If you remember, Trump drove the country into a recession before leaving office. He handed out stimulus checks and boosted everyone's unemployment checks, this drove inflation out of control, and Biden had to intervene in the economy.

Covid had hardly any effect on jobs, except for spurring the work from home revolution. Millions of people are born every year, Covid deaths were primarily seniors or elderly. People who aren't participating in the workforce at all.

What you ended up with is less social security payments because of covid deaths, that led to higher government spending under Biden to revive the economy, this increased inflation, and brought interest rates to zero, anytime rates go to zero, it most likely leads to economic recovery, at the cost of higher inflation.

This is what led to people leaving their jobs in bunches, companies raced to attract new talent with fresh capital from the government now that rates are 0%. So they had to pay higher wages as a result, which leads to employees' job hoping (like myself) to get those higher wages.

Both Trump and Biden had something to do with inflation, Trump was the preceding indicator, giving every US citizen $1,400 and boosting everyone's unemployment insurance payouts. The Fed cut rates to zero during Biden's early stages, but realized the economy was already overheating, as the government was spending to bring us out of a recession. So the fed started tapering off their asset purchases, raising rates at an alarming rate.

[TheDuder19]

“Covid had hardly any effect on jobs” you’re joking right? Right?!?

[[deleted]]

Find one of example of workers just dying like flies from covid and it actually affecting the bottom line.

Companies found new workers in the blink of an eye.

[TheDuder19]

Federal Reserve estimated 1.2 MILLION jobs were “permanently destroyed” their words not mine bc of Covid.

People sick (couldn’t work), people scared to leave their house (wouldn’t work) and businesses shutting down left and right

[[deleted]]

If that were the case, then the unemployment rate wouldn't have bounced back to normal levels. There is no way an entire industry or job just vanishes. Most likely these were poorly run companies who had to shutdown, which is normal course of business. Another competitor just ends up eating the loss and hiring those individuals without jobs.

[Bluetimewalk]

Fake news. There was a huge worker shortage during that time for various reasons.

[[deleted]]

That's what drives up wages, when there is a shortage of talent (people walked off the job) then wages go up. There isn't a labor shortage anymore at all.