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Naw, naw, it's cool... see, surely their income went up 30% in 5 years, right?... Right?
But we matched inflation last year! That means everything's okay now doesn't it? The inflation from previous years just goes away!
We beat inflation
https://www.bls.gov/news.release/eci.nr0.htm
Check the constant dollar column, all positive
You should really read your sources. The chart is not inflation adjusted. The report tells you the 12 month inflation adjusted figure.
Oh yeah we beat the pants off inflation! Whew baby! Oh by the way, there's still the preceding years of wild fucking inflation to make back. As well as the decades of stagnant wages versus inflation.
I did read my sources, because when I said we beat inflation, that's what my source says
Good news, we had more than a decade of growing wages (the COVID spike is due to compositional effects)
A. You don't know how medians work. In a set of [1,1,1,1,5,8,9,9,9] 5 is the median. But you wouldn't say that's representative of the average worker. You're looking for the mode. Which would be 1 in that data set.
B. .8 percent is not the hot news you're looking for.
5 is more representative than the mode, since it does show that about half make more and half made less
1 is ignoring the rest of the data completely
If this was a representative sample the ones would have rebelled already. This is a teaching example.
Not really, if the 1 is $100,000, should they feel worse than the $500,000 and above?
The 1 is not 100,000 and you know it.
Yes, but my point is not everyone should be equal, everyone should have enough money to live
Those are very different goals
Did I say we should make everyone live on the exact same income?
For giggles though if we distributed our GDP equally it would be about 106,000 after the government budget is taken out. And that's without accounting for not having to pay Medicaid/SSI/SSDI/etc... anymore.
It did, actually: https://fred.stlouisfed.org/series/LES1252881500Q
951 to 1136, Q1 2020 to Q1 2024.
+19.45% from Q1 2020, which doesn't help you if rent is +30% and inflation in general hit +9%.
Q1 2019 was 899, so +26%, a little closer.
But the REAL problem is workers don't see that gain unless they change jobs. Working the same job year after year you're lucky to get 4% per year.
Which means workers are making more overall. You don't pay just rent, but a complete basket of goods. If wages are up 19% while the basket of goods is up 9%, then workers have more money in their pocket.
There will often be some individual thing that sticks out in the basket. If not rent, then maybe food. If not food, then maybe energy. That can tell us where to focus policy to reduce inflation. It doesn't tell us that workers make less money in real terms.
This is a big problem. Companies do not value loyalty.