With Zohran Mamdani due to be sworn in as New York City Mayor (and in a beautiful, abandoned subway station), the year of “affordability” is being capped off fittingly. The “K-shaped economy,” with diverging prospects for the rich and poor, is the near consensus from economists. And yet, there’s an inconvenient fact: wages are going up, a lot.
Apollo chief economist Torsten Slok noted in a Tuesday blog post that wages are growing faster than inflation, a pattern that has persisted for more than a decade, usually an indication of increased spending and productivity that can buoy the economy.
