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Also absent was a discussion on earned income as real or inflation adjusted wages haven’t gone anywhere since the mid 1980’s or about 3 decades. Now to be fair there is a demographic component here as baby boomers have retired, but that only explains at best a small part of the previously mentioned declines. Mrs. Yellen is certainly entitled to her opinions but describing the current employment situation as very good just based on the unemployment rate is at best a selective and misleading use of statistics and at worst an outright lie. As the available data clearly shows.

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