The Phillips Curve is 100% not real. There is no tradeoff. We have all kinds of data on inflation and unemployment. Everyone has access to it, even economists. There's no relationship in 50 years of data. I cannot stand how upset Americans get about people getting paid. The most powerful central bank in the world has been working to keep unemployment from getting too low for 50 years to prevent inflation and all they've been doing is keeping people poor. Now there's finally a peek at some higher wages, inflation is slowing, and people are pretty sure it's a bad thing because ideology.
$80k is barely a living wage. But then I don't see the problem as wages-per-say. The economic load of rents and interest is one of the primary drivers of inflation. Shortfalls in the supply chain creating innumerable price-gouging opportunities is another.
Nationalize vacant real estate. Nationalize the airways and railways. Return them to productive capacity.
And while you're at it, maybe look into a dramatic reducing in greenhouse gases, so we aren't incurring these horrible economic losses in the face of climate change.
