U.S. News

2252 readers

105 users here now

News about and pertaining to the United States and its people.

Please read what's functionally the mission statement before posting for the first time. We have a narrower definition of news than you might be accustomed to.

Guidelines for submissions:

Post the original source of information as the link.
If there is any Nazi imagery in the linked story, mark your post NSFW.
If there is a paywall, provide an archive link in the body.
Post using the original headline; edits for clarity (as in providing crucial info a clickbait hed omits) are fine.
Social media is not a news source.

For World News, see the News community.

This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.

founded 2 years ago

MODERATORS

rs5th@beehaw.org

alyaza@beehaw.org

Powderhorn@beehaw.org

Under Biden, U.S. economic growth becomes the ‘envy of the world’ (www.msnbc.com)

submitted 6 months ago by mozz@mbin.grits.dev to c/usnews@beehaw.org

45 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] mozz@mbin.grits.dev 3 points 6 months ago

inflation has far outpaced them

This actually isn't fully true -- inflation hasn't outpaced wages at the bottom end, and the only place it's "far" outpaced them is at the top. (The Vox article talks about more details about how and why)

Cumulative inflation from 2019 to 2023 is about 18% (which is fuckin massive, mostly due to the 2022 spike)

But then:

Wages at the bottom (10th percentile) in that time went up by about 35% in current dollars, well outpacing inflation
Median wages basically held steady with inflation, I think they're a couple percent behind it but basically the same as they were just with people unhappier when they look at their grocery bills
Wages at the top (90th percentile) actually didn't hold pace with that historic inflation; for those people their constant dollar wages have been falling, yes