The Bureau of Labor Statistics has released the Consumer Price Index and Weekly Earnings reports for March and the First Quarter of 2009, respectively.

The bottom line - Wages were UP 2.6% and Inflation is FLAT!!!  (-0.4%).

Which translates to a real wage (W/P) or purchasing power INCREASE!!! 

                                   

Long-run??  I haven't looked in a while but there are too many measures and too much politics in THAT question!!!  grin!