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this post was submitted on 22 Mar 2024
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The problem is that while wages have been beating inflation this year, they aren't beating the last few years. Despite breathless headlines proclaiming so from left leaning sources.
It appears earnings have been beating inflation since 2014 (with some noise, and a big temporary spike during covid lockdowns). https://fred.stlouisfed.org/series/LES1252881600Q
Really? Because everyone else disagrees. I wonder what numbers magic they used to make that particular line go up.
Oh look. Reagan redefined CPI and we've been getting gaslighted for decades.
But also the median household tells a different story. Just tracking wage doesn't tell the whole economic story unless you want to believe every American Human is working a wage job. I do admit it's my fault for using the word wages. But there's a reason we track median household and not actual wages to get a general look at the health of the Economy.