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CNN's Burnett asks Biden how he is going to turn the economy around. He said he already has. (www.cnn.com)

submitted 2 years ago by return2ozma@lemmy.world to c/news@lemmy.world

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[–] Aceticon@lemmy.world 9 points 2 years ago* (last edited 2 years ago)

Two things:

Judging by the increase in prices reported by many as well as shrinkflation, Official Inflation Figures in the US might be very understated, which would make that "real" part of real wage rise be complete total bollocks, since a wage adjusted to a smaller inflation index value than reality is not in fact "real". Considering that understating Official Inflation not only helps in political propaganda like the "real wages" one but also mathematically feeds to a higher GDP Growth figure (in simple terms: the unaccounted for inflation appear as "growth") which is also heavilly featured in political propaganda, it's pretty naive to think that there isn't political pressure to "adjust" that figure down, especially in an election year.
Independently of that, it's perfectly possible for the average real wage (which is what's reported) to be going up whilst the median real wage (which is more representative of most people's experience and is not what's reported) to be stagnant or even falling: all it takes is for the top earners to be getting significant raises to pull the average up enough that it disguises everybody else not getting such raises.

PS: To add to my second point, here's an interesting chart. Even though it's an overall unweighted nominal (so, not real) value and it's a 3 month moving average (so the effects are shown delayed) you can see a spike and subsequent fall towards the trend in 2023. Now look at this inflation chart and you can see that the median salary growth is delayed from inflation and never actually managed to be as high as the actual inflation. This actually brings up a 3rd point I hadn't considered:

The salary growth is delayed from inflation, so what we saw in 2023 (and which is now slowing down as per the first chart) is salaries trying to catch up with the high inflation of 2021/22 (and failing) but the inflation by then was already much lower. Obviously if one completelly ignores the last 5 years (which is a common technique in political propaganda) and just calculates "real" wage growth from present day wages and present day inflation, the result will be positive, simply because salaries are still trying to catch up to the inflation of 2-3 years before. However if one adds up the median real wage growth of the last 4 years, the picture is significantly worse.