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That's average income. Look at the median income for men and things look less exciting. Then add the increase in tuition fees and housing cost in urban areas.
by gozo 11y ago
That's average income. Look at the median income for men and things look less exciting. Then add the increase in tuition fees and housing cost in urban areas.
http://4.bp.blogspot.com/-aTB7SNmJgkY/UCPmRNHaUxI/AAAAAAAAFwc/aA5SesGKpGs/s1600/median-real-income-in-us-by-sex-1947-2010.PNG http://4.bp.blogspot.com/-aTB7SNmJgkY/UCPmRNHaUxI/AAAAAAAAFw...
- twoodfin 11y agoWhy just men? Aren't we glad they have to complete with women in the labor market now?
- dracht 11y agoWho is "we"? It's beneficial for employers, but for those selling their labour (i.e. most of us) there is no reason to be glad about their work being devalued.
- eru 11y agoFor those who couldn't sell their labour before (women), it's beneficial.
- gozo 11y agoBecause the primary increase in median salary for women are their increased participation in the workforce and not actually higher salary? If you look at median real income per hour you find a similar results as men.
- twoodfin 11y agoYes: As supply doubles, prices go down. Again, what's wrong with that?
- hodwik 11y agoExactly. There's so much stuff like that going on it's hard to know where to begin with these people. For example, demographics. If you have a large young population and a large elderly population you will have a median income pushed lower than when your demographics skew middle aged. Also, when you have large immigration influx, that forces down your median income as a percentage for the whole population, even if the people who were there before the influx are doing considerably better in real dollar terms. Or if retirees are doing part-time "fun" work for small amounts of pay, when they wouldn't have been 50 years ago, that'll force down median income since they're not competing for higher wages. It goes on and on.
- eru 11y agoIn this case, the increased labour participation should create some supply of its own.
- hodwik 11y agoFirst, no, that data is only for full-time, year-round employees. https://www.census.gov/hhes/www/income/data/historical/people/2014/p36AR.xls https://www.census.gov/hhes/www/income/data/historical/peopl... Second, employees are working less hours now than before, so if you think that line of argumentation flies, it actually supports my position -- adding an additional 12.5% to per capita median income per hour. https://research.stlouisfed.org/fred2/series/AVHWPEUSA065NRUG https://research.stlouisfed.org/fred2/series/AVHWPEUSA065NRU...
- gozo 11y agoYou keep missing the point. Women traditionally worked low paying jobs, like housekeeper or nanny. The increased participation of women in the workforce mean that women now work higher paying jobs. It does not mean that that someone has gotten more real pay for the same job. The numbers you linked to on worked hours still hasn't had meaningful change since the '80s. If your point is that things got better until the '70s or '80s but not since, well then I agree with your point. But like I said there are of course many factors, like men are probably working less hours, but on the other hand underemployment has gone up.
- hodwik 11y agoThose are roughly 40% and 55% increases. How is that not exciting? And inflation adjusted home prices have only gone up a few % nationally. Sure, there are areas people want to live and pay a premium for, but that has always been true. Those places have just moved from rural areas to the cities. As for education, we're in a bubble, it's to be expected. Stop the government from giving easy access loans to kids who don't know any better, stop forcing kids into college, stop college-focused hiring practices, and that will go away overnight.
- gozo 11y ago"Those are roughly 40% and 55% increases. How is that not exciting?" Why are we even discussing this if you can't see that it's been essentially unchanged since the '70s? Similarly rents has gone up as percentage of income and housing prices just went through a boom and bust cycle and has been far higher on average the last decade than before. Sure, there are other factors to look at, but you are very much skewing the numbers to you liking as you accused others of having done in you first post in this thread.
- hodwik 11y agoUh, what? There's been an almost 25% growth in median real income from 1970 at 21k to 2007 at 28k. And it's not exactly like we're really pushing the Republican economic vision. We have the highest corporate tax rates in the entire OECD. http://mercatus.org/sites/default/files/corporate-tax-rates-for-web_0.png http://mercatus.org/sites/default/files/corporate-tax-rates-...