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I did find personal income growth from 1974 on. That gets rid of the 2 income household problem. I think maybe they only surveyed households til 1974. From 197
by joshe 8y ago
I did find personal income growth from 1974 on. That gets rid of the 2 income household problem. I think maybe they only surveyed households til 1974.
From 1974 to 2000, real mean personal income goes from 32K to 43K. [1]. The graph is useful to look at.
I do think some of the story is that most compensation gains went to benefits, especially our crazy expensive health care (again 5% to 18.2% of gdp). So the hourly wages stayed the same, but benefits went up. I think the original point, that more workers did not lower income, still holds.
Really I can't do an Econ Phd to respond to this thread. So I'll outsource to economists, who say more workers do not lower income.
[1] https://fred.stlouisfed.org/series/MAPAINUSA672N https://fred.stlouisfed.org/series/MAPAINUSA672N