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"Labor shortage", except real wages in the usa have been declining since the 1970s. People need to be shamed for using these terms. Inflation adjusted, and even
by codingwagie 2y ago
"Labor shortage", except real wages in the usa have been declining since the 1970s. People need to be shamed for using these terms. Inflation adjusted, and even worse, real estate adjusted, wages have dropped like a rock.
- andrewmutz 2y agoAre you sure? https://fred.stlouisfed.org/series/MEHOINUSA672N https://fred.stlouisfed.org/series/MEHOINUSA672N
- Scoundreller 2y agoHalf of households are below the median. That’s where you’re going to find your farm workers.
- bitshiftfaced 2y ago"Real wages for hired U.S. farmworkers rose between 1990 and 2019" https://www.ers.usda.gov/data-products/chart-gallery/gallery/chart-detail/?chartId=99884 https://www.ers.usda.gov/data-products/chart-gallery/gallery...
- codingwagie 2y agoThis the same FED that printed so much money during covid that housing prices doubled? Where is that reflected in this chart?
- andrewmutz 2y agoThe increased costs of living are reflected in the difference between that chart (which is adjusted for inflation) and the following chart, which is in dollars and not adjusted for inflation: https://fred.stlouisfed.org/series/MEHOINUSA646N https://fred.stlouisfed.org/series/MEHOINUSA646N
- iluvcommunism 2y agohttps://fred.stlouisfed.org/graph/?g=15tO7 https://fred.stlouisfed.org/graph/?g=15tO7 I’m not sure if this is the right graph, but I read somewhere, household size has been going down over time, so using household income is a bit misleading actually.
- Ferret7446 2y agoArtificial price ceilings and floors are a classic cause of "fake shortages" in basic economics. I'd be curious what would happen if we eliminated the minimum wage.
- _bin_ 2y agoWe've seen there's some demand for it with gig economy jobs. My guess is it'd be a net improvement, and the fact that our minimum wage is being inflated into irrelevance and wages are still rising suggests that's true.
- _bin_ 2y agoInstance #9843298 of people not understanding Baumol's Cost Disease. It is economically ridiculous to imply that, as technology advances, un-teched sectors should continue paying people similar real wages. The only thing that will accomplish that when some sectors are being improved with technology and some aren't is working to apply that benefit as broadly as possible.