Leadership and Success
During the Obama years wage growth for American workers was at its worst level since the Great Depression.
Since the 2008-2009 recession, wage growth for workers has been stuck at 2.5% or lower — compared to a 3%-plus growth rate for wages before the financial crisis.
It’s not surprising this should be so: The economy failed to grow by more than 3% in any year during the Obama era, despite massive stimulus of nearly a trillion dollars and record-low zero-percent interest rates engineered by a desperate Fed.
The average annualized growth of the Obama years was actually less than 2%, the worst performance since the Great Depression.
But that has all changed with President Donald Trump.
President Trump has seen the greatest pay gains since the Great Depression.
Workers looking for fatter paychecks had their best year in 2017 since before the financial crisis, according to a government report Wednesday.
The Employment Cost Index, a measure of salary and benefit costs, registered a 2.6 percent gain for the full year, tied for the best since 2007, the Bureau of Labor Statistics reported.
President Donald Trump’s first full year in office saw gains that easily outdistanced any year for his predecessor, Barack Obama, whose best showing was the 2.2 percent increases in 2016 and 2014. Six of Obama’s eight years in office saw gains of 2 percent or less.