A sign of NFL inflation? End-shutdown

Daniel Jones of the New York Giants throws a pass against the Philadelphia Eagles in the NFC divisional playoff game in Philadelphia in January.


Mitchell Leff/Getty Images

Economists routinely discuss the most interesting and important inflation indicators, with some partials of consumer prices or non-supervisory wages, or perhaps specific measures of food, energy, housing or used cars. But one particularly striking number, and the one that may generate the most buzz on the Wall Street trading tables this week, is the price a National Football League team just paid to retain one of its employees.

In the New York Post Ian O’Connor reports on a new contract for Daniel Jones, an unspectacular quarterback:

Despite a career record of 21-31-1, he convinced the Giants to pay him $40 million a year.

This morning, Evercore ISI president Ed Hyman chuckled as he pointed out on Maria Bartiromo’s Fox Business show that the Jones deal isn’t exactly a sign of easing wage pressures. Hyman’s comment was both a lament and a joke because he believes that the Federal Reserve’s monetary tightening is likely to result in a recession later in the year. The esteemed Wall Street economist knows that the sky-high compensation being handed out by the New York Giants isn’t helping him make his case.

Meanwhile, Mr. O’Connor’s New York Post colleague Paul Schwartz reports on twitter that Giants general manager Joe Schoen “said he doesn’t care what people outside the building think of Daniel Jones’ contract.”

This column expects the Fed to remain focused on beating inflation. As for Mr. Jones, he seems to have proven to be a good teammate and tough competitor, but his new salary seems to be inflated.

Other people’s wages may also continue to rise. Even those of us who are not earning $40 million per year continue to see strong demand for our services. Nationwide, the job market still looks extremely hot, even if it’s no longer red hot.

Bryan Mena of the Journal reports:

There were 10.8 million seasonally adjusted job vacancies in January, the Labor Department said Wednesday, down from an upwardly revised 11.2 million for December. The government figures join private sector estimates through February that show early signs of cooling demand for American workers.

The January total was down from a record 12 million last March, based on revised data from 2022, but still well above the 7 million openings in February 2020 before the pandemic. Job vacancies in January exceeded 5.7 million unemployed looking for work, a ratio of almost two to one.

An economy that still offers nearly two jobs for every job seeker suggests that more wage increases may be on the way.

Maybe people outside the New York Giants offices will soon be saying the team got a deal with Mr. Jones.


All he does is politics
This week brings further disappointment to anyone who insists on waiting for President Joe Biden to address the enormous financial burden on America’s children that he has done as much as anyone to create.

Already behind on his budget and unwilling to negotiate reforms as the cost of federal debt service rises, Biden is now trying to turn the process into a swing-state partisan stunt, complete with a recast fantasy that rights they can be fixed with tax increases. about the rich.

Josh Boak and Seung Min Kim report for the Associated Press:

With his sights set on 2024, President Joe Biden will showcase his election-year budget plan this week in Pennsylvania, where he must win, rather than the usual White House setting.

Biden’s trip to Philadelphia on Thursday is a sign that the president’s budget proposal is part of a larger political push to connect with voters. He’s telling them that taxing the rich can reduce federal deficits and save cuts to popular programs like Social Security and Medicare.

The White House budget plan will be a hypothetical document, meant to tell voters what the federal government might do if Democrats had strong control of the White House and Congress.

Here’s a novel idea: What if you tried to govern responsibly in the real White House you already control?


Annals of Public Procurement
gabriel greschler reports for the San Jose Mercury News:

After nine months of intense scrutiny surrounding a government history book project commissioned by Santa Clara County that cost taxpayers more than $1 million and contained large portions of material plagiarized from sources like Wikipedia, the project officially it was interrupted.


James Freeman is co-author of “The Cost: Trump, China, and the American Renaissance”.


Follow James Freeman on Twitter.

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(Lisa Rossi helps compile Best of the Web. Thanks to Tony Lima.)


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