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It Turns Out the Fed Doesn’t Matter
The Compound and Friends
The Price Wage Slinky
In the 1970s, 30% of the workforce were in unions and major strikes were common for wage increases. Now, only 10% of the population belongs to a union, with only 6% in the private sector. Most people are on their own and not demanding higher wages, which keeps inflation under control. The presence of companies like Starbucks and Amazon, which didn't exist in the 70s, also makes a difference. There have been significantly fewer strikes today compared to the past. The composition of the labor force and inequality play a role in inflation.
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