this post was submitted on 19 Sep 2024
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Work Reform

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[–] Showroom7561@lemmy.ca 26 points 6 hours ago (1 children)

Pay raise means jack all for ordinary people. Our buying power went down a lot more than 24%.

[–] chicken@lemmy.dbzer0.com 9 points 5 hours ago

This does seem to be adjusting for inflation; according to one of the sources they cited:

From 1979 to 2020, net productivity rose 61.8%, while the hourly pay of typical workers grew far slower—increasing only 17.5% over four decades (after adjusting for inflation).

That said I think there's some problems with how inflation is calculated, and the implications of the distribution of total ownership of wealth isn't really mitigated by increasing affordability of consumer goods.