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Real wages are also higher today than they were in 1970.
by jonas21 3y ago
Real wages are also higher today than they were in 1970.
- deepsun 3y ago> In fact, despite some ups and downs over the past several decades, today’s real average wage (that is, the wage after accounting for inflation) has about the same purchasing power it did 40 years ago. https://www.pewresearch.org/short-reads/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/ https://www.pewresearch.org/short-reads/2018/08/07/for-most-... That's 1980x, not 1970x, but should be close.
- jonas21 3y agoLet's use the actual numbers [1] instead of a statement from 5 years ago that things are "about the same" as 40 years before. The average hourly wage for Production and Nonsupervisory Employees in the highest month of 1970 was $3.50, or $26.88 in current dollars. The current average hourly wage is $28.96. Thus, real wages are higher today than they were in 1970. [1] https://fred.stlouisfed.org/series/AHETPI https://fred.stlouisfed.org/series/AHETPI