Everyone's reading [Friday's strong jobs report](https://www.cnbc.com/2026/06/05/jobs-report-may-2026.html) as a recession hedge. Wrong. 172k payroll gains sound healthy until you ask: *at what wage?* (https://www.marketwatch.com/story/americans-spending-props-up-the-economy-as-rising-prices-sap-savings-07638c61?mod=mw_rss_topstories) — which means real wages are underwater and savings are draining.