“We’re still playing catchup, Joe, to the fact that people are earning less than the inflation rate, and now they’re making up for that in spades,” says former Dallas Fed President Fisher.  “You have to look at the employment data.”

Only 10% of labor is unionized in the U.S. (7% of it is private sector.)  But small and medium sized businesses are being pressured to raise wages as well, as they are having trouble finding skilled workers.  Consumption demand is there – we still have a lot of fiscal stimulus.  We are spending $2B/day on Interest.  Even with the huge deficits and a dysfunctional Congress, the U.S. is still the best place to be.  Mr. Fisher says this was the most, “long predicted recession…. Everyone keeps saying it’s gonna tank; it’s gonna tank.”  Additionally, the Fed Funds Futures have never been right. The economy is healthy.