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From my point of view, it's a booming economy for the top 10%-20%. The middle are mostly holding ground, but the bottom 10%-20% are in, or close to, a depressio
by GartzenDeHaes 3y ago
From my point of view, it's a booming economy for the top 10%-20%. The middle are mostly holding ground, but the bottom 10%-20% are in, or close to, a depression. Homelessness and food bank utilization are at a record high by some measures.
- lotsofpulp 3y agoThe data indicates the lowest quintile is gaining the most: https://www.epi.org/publication/swa-wages-2022/ https://www.epi.org/publication/swa-wages-2022/ If anything, the middle and upper middle is experiencing decreased quality of life, for example not eating out as often, because the lowest wage workers in restaurants/hotels/farms/etc are seeing wage growth.
- GartzenDeHaes 3y agoThat report shows an income increase of 9% from 2019 to 2022. There was a 40% currency devaluation during this time that led to the doubling of rents in most places.
- deeg 3y agoThe article indicates that inflation is accounted for: "Even in the face of rising prices, low-wage workers have experienced historically fast real wage growth."
- bryanlarsen 3y agoThe people who gain are the ones willing to change jobs; which is primarily the top and bottom 10%. Those two demographics are the ones experiencing wage gains that have outplaced inflation. The middle class who feel loyalty to their employers (like me) are the ones who aren't getting raises in line with inflation.