Indeed, there's a lot of obfuscation happening regarding the actual state of the economy as experienced by regular people. Another related statistic is that majority of people can't afford to cover a mere $500 emergency expense. This indicates that people are effectively working on subsistence wages. The employers are paying them just enough so they don't starve, and pocket the entirety of the profit the labor of the employees produces.
Indeed, there's a lot of obfuscation happening regarding the actual state of the economy as experienced by regular people. Another related statistic is that majority of people can't afford to cover a mere $500 emergency expense. This indicates that people are effectively working on subsistence wages. The employers are paying them just enough so they don't starve, and pocket the entirety of the profit the labor of the employees produces.
https://www.fool.com/the-ascent/personal-finance/articles/63-of-employees-are-unable-to-cover-a-500-emergency-expense/