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Not all jobs are the same. The Real Median US income in 2019 was 78,250$/year in 2022 it had fallen to 74,580. https://fred.stlouisfed.org/series/MEHOINUSA672N
by Retric 3y ago
Not all jobs are the same. The Real Median US income in 2019 was 78,250$/year in 2022 it had fallen to 74,580. https://fred.stlouisfed.org/series/MEHOINUSA672N https://fred.stlouisfed.org/series/MEHOINUSA672N
The only way that happens is if millions of people are significantly worse off. Most people can find work in the big economy, that doesn’t mean replacing a 100k/year job with a 25k/year job is equivalent.
Across a long enough time horizon technology tends to make most people better off, but in the short term it can seriously fuck people over.
- zeroonetwothree 3y agoA 5% decrease is "significantly worse off"? And it's still higher than 2018--it's not really reasonable to expect an increase every single year, you should look at the longer-term trend.
- Retric 3y agoThe median isn’t a simple average. The minimum difference is 5%, people who lost 50+% only count as one more person below the old average. So that 5% represents a great deal of pain for millions not simply a slight haircut. And sure the long term trends reverse things as I mentioned, but it took 15 years to recover where it was in 2019. Most Americans are simply cut off from wider economic growth and recovery.