Re:Economic Termites Are Everywhere: stats hide the experien...
by pessimizer on Sunday June 09, 2024 @12:52PM
(#40625738)
This is a bad interpretation of events, and an intentional ignoring of wealth gains.
> Since 2016, real (inflation-adjusted) wages have risen quickly for people in the bottom quartile
This "quick" wage growth, as you point out with your image, is on the order of 1 or 2% for the past few years, and was massacred by recent inflation i.e. if raising the minimum wage raised your standard of living, you've almost exactly kept up with inflation.
Meanwhile, wealth amongst people who hold investments, a group that often includes upper-income workers, has massively increased during that time. The S&P has had a 130% adjusted return since 2016. The share of wealth held by the top 10% is as high or higher than it was in 2016.
> Since 2016, real (inflation-adjusted) wages have risen quickly for people in the bottom quartile
This "quick" wage growth, as you point out with your image, is on the order of 1 or 2% for the past few years, and was massacred by recent inflation i.e. if raising the minimum wage raised your standard of living, you've almost exactly kept up with inflation.
Meanwhile, wealth amongst people who hold investments, a group that often includes upper-income workers, has massively increased during that time. The S&P has had a 130% adjusted return since 2016. The share of wealth held by the top 10% is as high or higher than it was in 2016.