Real hourly earnings for workers in the tenth percentile of wage distribution went up more than 8 percent in the past three and a half years, the economists David Autor, Arindrajit Dube, and Annie McGrew found.
Amazing how neither the article nor the linked study say how much that increase was in absolute dollars. Wouldn’t want people to know the baseline.
Three years ago, the pandemic gnarled supply chains around the world, leading to shortages of many consumer goods. At the same time, the American government transferred roughly $1.8 trillion to households in the form of generous unemployment-insurance benefits, an amped-up child tax credit, stimulus checks, and delayed or forgiven student-loan payments. Less supply, more demand—it was a recipe for higher costs.
Never mind the trillions the Fed spent to float the repo market or the numerous analyses showing corporate profits to be the main cause of inflation, no it’s you dirty consumers for not being frugal enough (also please don’t be frugal it hurts our stock investments).
went up more than 8 percent in the past three and a half years
By the magic of calculating what that is with compound interest, that's only 2.3% growth per year.
Everyone loves using misleading percentages of growth to paint whatever picture they want. Everything should only be in yearly compound growth numbers.
I skimmed the linked article and it's pretty clear to me that the rise in the 10th percentile (which is sub-minimum wage income as far as I can tell) is because inflation made the cost of working more than the fucking wages and that measly 8% increase from 15,700 to like maaaybe 17,000 a year (pre-tax, etc. etc.) was needed to make people not just stay home because the health, economic, and opportunity cost of going to work was more than just staying home for most people.
Amazing how neither the article nor the linked study say how much that increase was in absolute dollars. Wouldn’t want people to know the baseline.
Never mind the trillions the Fed spent to float the repo market or the numerous analyses showing corporate profits to be the main cause of inflation, no it’s you dirty consumers for not being frugal enough (also please don’t be frugal it hurts our stock investments).
purchasing power parity? inflation? what's that?!?!?! line just go up! that simple!
By the magic of calculating what that is with compound interest, that's only 2.3% growth per year.
Everyone loves using misleading percentages of growth to paint whatever picture they want. Everything should only be in yearly compound growth numbers.
I skimmed the linked article and it's pretty clear to me that the rise in the 10th percentile (which is sub-minimum wage income as far as I can tell) is because inflation made the cost of working more than the fucking wages and that measly 8% increase from 15,700 to like maaaybe 17,000 a year (pre-tax, etc. etc.) was needed to make people not just stay home because the health, economic, and opportunity cost of going to work was more than just staying home for most people.