Re:The U.S. government’s failed 1890s attempt to forge unity...
by stx on Friday June 11, 2021 @02:13PM
(#27476709)
The reality is that wages have not kept up with inflation.
https://www.pewresearch.org/fact-tank/2018/08/07/for-most-us...
Re:The U.S. government’s failed 1890s attempt to forge unity...
by imtringued on Friday June 11, 2021 @06:22PM
(#27479210)
Given enough inflation you will eventually get full employment and wages will catch up with productivity increases. If you have 1% inflation for a decade the economic system is going to fix itself eventually but it's going to take forever, which is why anti inflation sentiments have built up as people get used to the new normal and are scared of change.
Re:The U.S. government’s failed 1890s attempt to forge unity...
by torstenvl on Friday June 11, 2021 @06:11PM
(#27479120)
That's the opposite of what your link shows. While wages have not kept up with growth in the economy or overall productivity, they have absolutely "kept up with inflation," and a tiny bit more, i.e., the average wage has the same buying power now (or a little more) as the average wage had decades ago after adjusting for inflation.
Because wages rise with inflation too. A very simplistic explanation is that inflation hurts those that save/lend cash and helps those the own assets & borrow cash. It tends to be the poor that suffer because they save in cash & it's easier to suffer as a poor person.