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We've also had pretty good wage growth, but you'd never know because inflation is outstripping the wage growth so its negative. Which is why I'm puzzled why peo

We've also had pretty good wage growth, but you'd never know because inflation is outstripping the wage growth so its negative. Which is why I'm puzzled why people keep touting the economy is so awesome. People are making more money, but it sure wouldn't feel like it when everything you buy is vastly more expensive. Even people on social media are talking about how they can't even go for a fast food meal anymore because its gotten too expensive. Fast food, too expensive. Think about that for a moment.

JumpCrisscross 3y ago
> you'd never know because inflation is outstripping the wage growth so its negative This is incorrect for most Americans and in most American zip codes [1]. [1] https://fred.stlouisfed.org/series/LES1252881600Q https://fred.stlouisfed.org/series/LES1252881600Q
- burningChrome 3y ago
  2021: While those paychecks were 4.1% larger in November than they were in January, they will buy 2.8% less due to rising prices. Those rank-and-file workers have suffered less than their bosses. For all private sector workers, including managers and executives, weekly earnings averaged 3.1% more but could buy 3.0% less. 2022: With an overall increase of 4.7%. But with inflation at 7%, the average person lost ground in terms of real income. This was particularly true for the middle half of earners who saw a median wage increase of only about 2.5%. The picture was a bit better for low-wage earners, but not enough to shift the broader pattern for 2021: Inflation outpaced wage increases. 2023: Inflation roared back to the highest level in over 40 years, then slowed markedly. In all, consumer prices are up nearly 15.7%. Gasoline is up 51.2%. Raw wages, unadjusted for inflation, have risen every quarter of Biden’s presidency, and generally at higher rates than wages rose under his predecessor, Donald Trump. But once you adjust for inflation, many of these gains disappear. Real wages — that is, inflation-adjusted wages — fell or were unchanged during the first six quarters of Biden’s presidency.
gruez 3y ago
>We've also had pretty good wage growth, but you'd never know because inflation is outstripping the wage growth so its negative Source? BLS data[1] shows that CPI-adjusted wages are marginally up compared to pre-pandemic levels. There was a spike during the pandemic and current levels are down compared to that, but that's an issue with data collection rather than workers getting magically getting pay hikes during the pandemic. Specifically the lockdowns hit retail and hospitality workers the hardest. Those jobs also tend to pay low, so if those people aren't employed, the average goes up. [1] https://fred.stlouisfed.org/series/LES1252881600Q https://fred.stlouisfed.org/series/LES1252881600Q

JumpCrisscross 3y ago

> you'd never know because inflation is outstripping the wage growth so its negative This is incorrect for most Americans and in most American zip codes [1]. [1] https://fred.stlouisfed.org/series/LES1252881600Q https://fred.stlouisfed.org/series/LES1252881600Q

burningChrome 3y ago
2021: While those paychecks were 4.1% larger in November than they were in January, they will buy 2.8% less due to rising prices. Those rank-and-file workers have suffered less than their bosses. For all private sector workers, including managers and executives, weekly earnings averaged 3.1% more but could buy 3.0% less. 2022: With an overall increase of 4.7%. But with inflation at 7%, the average person lost ground in terms of real income. This was particularly true for the middle half of earners who saw a median wage increase of only about 2.5%. The picture was a bit better for low-wage earners, but not enough to shift the broader pattern for 2021: Inflation outpaced wage increases. 2023: Inflation roared back to the highest level in over 40 years, then slowed markedly. In all, consumer prices are up nearly 15.7%. Gasoline is up 51.2%. Raw wages, unadjusted for inflation, have risen every quarter of Biden’s presidency, and generally at higher rates than wages rose under his predecessor, Donald Trump. But once you adjust for inflation, many of these gains disappear. Real wages — that is, inflation-adjusted wages — fell or were unchanged during the first six quarters of Biden’s presidency.

gruez 3y ago

>We've also had pretty good wage growth, but you'd never know because inflation is outstripping the wage growth so its negative Source? BLS data[1] shows that CPI-adjusted wages are marginally up compared to pre-pandemic levels. There was a spike during the pandemic and current levels are down compared to that, but that's an issue with data collection rather than workers getting magically getting pay hikes during the pandemic. Specifically the lockdowns hit retail and hospitality workers the hardest. Those jobs also tend to pay low, so if those people aren't employed, the average goes up. [1] https://fred.stlouisfed.org/series/LES1252881600Q https://fred.stlouisfed.org/series/LES1252881600Q