David Harrison

speaker

171 appearances 4 recordings 1 series first heard Mar 2018 last heard Jan 2022

David Harrison’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Many Workers Set to Get Sizable Raises Next Year · 8 Dec 2021 podcast

All those people should see salary increases next year because the companies basically have said that they're planning on moving up those ranges essentially one step up.

So everybody gets bumped up by a certain percentage.

So that suggests that this should be really kind of an across-the-board wage increase.

Usually in these kinds of situations, new employees and younger employees tend to be the first to get these wage bumps because if you're a company, you have your existing workforce making whatever they make, and then you bring on new people.

In a tight labor market, you're going to pay those new people more.

So new employees are the ones that really should benefit first from this.

And then later in the following months, the firms will then adjust their pay scales for more experienced employees to keep that kind of differential between the less experienced people and the more experienced people.

Well, I mean, you know, the companies, this is just part of the company's budget.

So they're budgeting for these higher wages.

I mean, they see this is coming.

And I mean, this basically comes out of their revenues.

What could happen theoretically is that they could raise prices on their products to pay for these higher wages.

And then that would be one possible driver of inflation.

So this is something that economists call a wage price spiral, where higher wages and higher prices kind of feed on themselves.

And there's a debate going on right now on whether or not that's happening and whether or not that will happen.

So it's kind of an open question.

But that's definitely a possibility that you have higher wages leading to higher prices, which would then lead to even higher wages and so on.

So that's something I think that a lot of policymakers at the Fed and elsewhere are watching out for.

Well, I mean, it's hard to say.

It's, you know, I mean, every worker situation is different, and every firm situation is different.

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