wages, first of all, let me make one point. it's way better to have a job in which wages are maybe not going up relative to inflation than not to have a job. we have put 1.4 million people to work this year, almost half a million every month for nearly 13 months now. that's very important for people's ability to get by if they have a job. it is right that inflation is taking the better part of wage hikes away in terms of about a two percentage point gap, say, 7% or 8% inflation and 5% or 6% wage growth. that gap means wages are not keeping up with inflation. what has to happen is inflation has to come down. we're also going to have to get what we call an equilibrium rate with the new job market. people have dropped out. you have retirement. the second thing is the immigration level, the legal immigration level is way down. it began under trump. it has not been fixed by the
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