Connect with us

California

Inflation zaps California’s big pay raises of pandemic era

Published

on

Inflation zaps California’s big pay raises of pandemic era


The “Wanting Glass” ponders financial and actual property developments by means of two distinct lenses: the optimist’s “glass half-full” and the pessimist’s “glass half-empty.”

Buzz: The pandemic period’s giant pay hikes for California staff look tiny after inflation’s large chew.

Source: My trusty spreadsheet reviewed authorities stats on common weekly wages and inflation charges. The main target was evaluating the pandemic period (2020 by means of 2022) to 2012-2019 – earlier than the coronavirus struck and a time when of us bitterly complained about miserly pay will increase.

Advertisement

Debate: Simply how deep is inflation’s ache?

Glass half-full

Sure, raises have soared within the pandemic period for causes starting from a employee scarcity, workers prepared to change bosses to get higher pay, and a surprisingly sturdy financial rebound from coronavirus-related enterprise limitations.

Ponder that California weekly wages grew at a 5.2% annual tempo within the pandemic period, that’s the Fifteenth-best among the many states and beats the 4.7% nationwide acquire.

Examine these raises to what bosses handed out in pre-pandemic 2012-19. In these years, California’s weekly wages grew at a median 3% annual tempo (additionally No. 15) vs. 2.6%-a-year nationally.

Glass half-empty

You already know by now that inflation has soared since 2020.

Advertisement

And why: All the things from an excessive amount of stimulus to a scarcity of products to hovering vitality prices to distribution complications to, sure, bosses passing alongside the price of fattened raises to prospects.

This ugly cost-of-living image provides as much as the Client Value Index leaping at a median 4.5% annual fee in 2020 by means of 2022 vs. a 1.6%-a-year inflationary tempo in 2012-19.

That close to tripling of inflation over this prolonged interval took a severe chew out of what in any other case would appear to be beneficiant raises. Let’s take into consideration what economists name “actual” pay will increase – that’s wages after the price of inflation.

California’s “actual” raises in 2020-22 averaged solely 0.7% a 12 months. Nationally, raises after inflation have been solely 0.2%.

The associated fee-of-living drag makes 2012-19’s seemingly slim pay hikes look good. Why? Keep in mind, inflation averaged only one.6% a 12 months in that interval.

Advertisement

That interprets to California’s “actual” raises in these pre-pandemic years averaging 1.4%, topping the 1% fee nationally.

Backside line

Bigger raises make some staff really feel higher about their jobs however the total actuality is that inflation strips the shopping for energy of latest pay hikes.

Within the pandemic period, California’s annual tempo of actual pay raises was reduce in half from 2012-19. And the Golden State shouldn’t be alone.

In 37 different states, the previous three years of pay hikes – after inflation – additionally did not beat the actual raises of the earlier seven years. Nationwide, the tempo of actual raises fell by 80% on this timeframe.

Advertisement

Keep in mind, these numbers paint an image of what occurred to the standard employee. Consider the chaos created for folk who weren’t getting mid-range pay hikes whereas having to steadiness a family’s funds in right now’s overinflated economic system.

Plus, inflation has averaged 8% to this point this 12 months. Few staff will get pay hikes exceeding that within the coming 12 months.

Jonathan Lansner is the enterprise columnist for the Southern California Information Group. He will be reached at jlansner@scng.com



Source link

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

California

Democrat Derek Tran ousts Republican rival in key California House seat

Published

on

Democrat Derek Tran ousts Republican rival in key California House seat


Democrat Derek Tran ousted Republican Michelle Steel in a southern California House district Wednesday that was specifically drawn to give Asian Americans a stronger voice on Capitol Hill.

Steel said in a statement: “Like all journeys, this one is ending for a new one to begin.” When she captured the seat in 2020, Steel joined Washington state Democrat Marilyn Strickland and California Republican Young Kim as the first Korean American women elected to Congress.

Tran, a lawyer and worker rights advocate and the son of Vietnamese refugees, declared victory earlier this week. He said his win “is a testament to the spirit and resilience of our community. As the son of Vietnamese refugees, I understand firsthand the journey and sacrifices many families in our district have made for a better life.”

The contest is one of the last to be decided this year, with Republicans now holding 220 seats in the House, with Democrats at 214. The Associated Press has not declared a winner in California’s 13th district, where Democrat Adam Gray was leading Republican John Duarte by a couple of hundred votes.

Advertisement

Steel held an early edge after election day, but late-counted ballots pushed Tran over the top.

Steel filed a statement of candidacy on Monday with federal regulators, which would allow her to continue raising funds. It wasn’t immediately clear if she planned to seek a return to Congress.

In the campaign, Tran warned of Republican threats to abortion rights. Steel opposes abortion with exceptions for rape, incest or to save the life of the pregnant woman, while not going so far as to support a federal ban. Tran also warned that Donald Trump’s return to the White House would put democracy at risk.

On Capitol Hill, Steel has been outspoken in resisting tax increases and says she stands strongly with Israel in its war with Hamas. “As our greatest ally in the Middle East, the United States must always stand with Israel,” she said. She advocates for more police funding and has spotlighted her efforts on domestic violence and sexual abuse.

The largest demographic in the district, which is anchored in Orange county, south-east of Los Angeles, is Asian Americans, and it includes the nation’s biggest Vietnamese community. Democrats hold a four-point registration edge.

Advertisement

Incomplete returns showed that Steel was winning in Orange county, the bulk of the district. Tran’s winning margin came from a small slice of the district in Los Angeles county, where Democrats outnumber Republicans by nearly two to one.



Source link

Continue Reading

California

Dickies to say goodbye to Texas, hello to Southern California

Published

on

Dickies to say goodbye to Texas, hello to Southern California


FORT WORTH, Texas — Dickies is leaving Cowtown for the California coast, according to a report from the Los Angeles Times.

The 102-year-old Texas workwear brand, which is owned by VF Corp., is making the move from Fort Worth to Costa Mesa in order to be closer to its sister brand, Vans.


What You Need To Know

  • Dickies headquarters will be relocated from Texas to California, according to a Los Angeles Times report 
  • The workwear brand has operated in Fort Worth since 1922
  • The report says the movie will occur in May 2025 and affect about 120 employees 
  • Dickies headquarters is being moved by owner VF Corp. so that it can be closer to its sister brand, Vans

Dickies was founded in Fort Worth in 1922 by E.E. “Colonel” Dickie. Today, Dickies Arena is the entertainment hub of the city and home of the Fort Worth Stock Show and Rodeo.

The company is expected to make the move by May. Approximately 120 employees will be affected, the report said.

By moving one of its offices closer to the other, VF Corp. says it can “consolidate its real estate portfolio,” as well as “create an even more vibrant campus,” Ashley McCormack, director of external communications at VF Corp. said in the report.

Advertisement

Dickies isn’t the only rugged brand owned by VF Corp. The company also has ownership of Timberland, The North Face and JanSport.

VF Corp. acquired Dickies in 2017 for $820 million. 

“Their contributions to our city’s culture, economy and identity are immeasurable,” District 9 City Council member Elizabeth Beck, who represents the area of downtown Fort Worth where Dickies headquarters is currently located, said in a statement to the Fort Worth Report. “While we understand their business decision, it is bittersweet to see a company that started right here in Fort Worth take this next step. We are committed to supporting the employees who remain here and will work to honor the lasting imprint Dickies has left on our community.”



Source link

Advertisement
Continue Reading

California

Caitlyn Jenner says she'd 'destroy' Kamala Harris in hypothetical race to be CA gov

Published

on

Caitlyn Jenner says she'd 'destroy' Kamala Harris in hypothetical race to be CA gov


Caitlyn Jenner, the gold-medal Olympian-turned reality TV personality, is considering another run for Governor of California. This time, she says, if she were to go up against Vice President Kamala Harris, she would “destroy her.” 

Advertisement

Jenner, who publicly came out as transgender nearly 10 years ago, made a foray into politics when she ran as a Republican during the recall election that attempted to unseat Gov. Gavin Newsom in 2021. Jenner only received one percent of the vote and was not considered a serious candidate. 

Jenner posted this week on social media that she’s having conversations with “many people” and hopes to have an announcement soon about whether she will run. 

Caitlyn Jenner speaks at the 4th annual Womens March LA: Women Rising at Pershing Square on January 18, 2020 in Los Angeles, California. (Photo by Chelsea Guglielmino/Getty Images)

Advertisement

She has also posted in Trumpian-style all caps: “MAKE CA GREAT AGAIN!”

As for VP Harris, she has not indicated any future plans for when she leaves office. However, a recent poll suggests Harris would have a sizable advantage should she decide to run in 2026. At that point, Newsom cannot run again because of term limits. 

Advertisement

If Jenner decides to run and wins, it would mark the nation and state’s first transgender governor.  



Source link

Continue Reading

Trending