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They claim "median personal income for ALL AGES us up 394.4% since 1977". However a quick check on FRED [0] tells me this figure is way off: 1977: $23,202 201
by ranie93 7y ago
They claim "median personal income for ALL AGES us up 394.4% since 1977". However a quick check on FRED [0] tells me this figure is way off:
1977: $23,202
2016: $31,099 (2017 not available in the data)
~34% increase
They said they had sources but I only see sources for the price of bread claim. Maybe they aren't looking at real wages? In which case the claim is very misleading.
I also agree twitter's thread layout is hard to follow.
[0]https://fred.stlouisfed.org/series/MEPAINUSA672N https://fred.stlouisfed.org/series/MEPAINUSA672N
- xyzzyz 7y agoYes, they aren't looking at real wages, that's the whole point of the comment: they are comparing the inflation of bread price with the nominal growth of median personal income.