EXCERPT:
BERNSTEIN: "And it's certainly not ahead of wages, and that is the key point. Wages are beating inflation. Now here’s what Jason did. Jason asked, what was the trend in wages in 2018 and '19, before the pandemic, and then he just extrapolated that trend forward. He is not the only one to do that, but what that does, it ignores the pandemic, it ignores the global supply chain snarl leading to a global inflation, it ignores the deep pandemic-induced recession, it ignores Putin's war on Ukraine with its impact on food and energy prices. Look, I understand that is what economists call a counterfactual, which is alternative history. I got to live in the real world, in the real history. And in the real world, real wages are beating prices. That is a very welcome trend."