Why America's economy is soaring ahead of its rivals

Re:Why America's economy is soaring ahead of its rivals by TeaBrain on Wednesday December 04, 2024 @07:34PM (#42323586)

You can take your pick of any point since the pandemic. Wage growth has essentially stayed flat with inflation, whether that be a slight increase or decrease. Much of the nominal wage growth with white collar workers would have been tied to promotions, which inflation has eaten the real gains of. It is no wonder that many people have a poor view of their place in the economy and it is certainly not just "vibes", like it was arrogantly written off as by many.

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Re:Why America's economy is soaring ahead of its rivals by bpt3 on Wednesday December 04, 2024 @08:15PM (#42323823)

You realize what you said contradicts the data that has been posted repeatedly in this topic?

Real wage growth surged post-pandemic, especially for lower-income workers.

Most economists have explained the vibes as: People blame inflation for increased prices but credit their own industriousness for wage gains, and are angry they don't get to basically double dip.

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Re:Why America's economy is soaring ahead of its rivals by TeaBrain on Wednesday December 04, 2024 @08:48PM (#42323999)

Way to down vote my comment without posting that data you refer to. Nominal wages surged post-pandemic in Q2 2020, but cooled off after then. Someone already replied to my comment with a Brooking institute article which confirms the figures I had previously heard, in that real wages have only increased 2% annualized since 2019.

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Re:Why America's economy is soaring ahead of its rivals by bpt3 on Wednesday December 04, 2024 @09:08PM (#42324095)

I didn't downvote anything, and I didn't re-post data because I assumed you already had it as a participant in this discussion.

A 2% annualized increase in real wages is excellent? Compare it to real wage increases elsewhere and you'll see that "only" is not the correct modifier to use.

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Re:Why America's economy is soaring ahead of its rivals by TeaBrain on Wednesday December 04, 2024 @09:25PM (#42324189)

What is so excellent? That is the cumulative increase.

Real median earnings since Q4 2019 are only around 3% higher:

https://fred.stlouisfed.org/series/LES1252881600Q

Real median household income is still lower than 2019:

https://fred.stlouisfed.org/series/MEHOINUSA672N

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Re:Why America's economy is soaring ahead of its rivals by bpt3 on Thursday December 05, 2024 @09:30AM (#42328544)

Sorry, I assumed this statement you made was correct: "real wages have only increased 2% annualized since 2019."

A 3% increase over 5 years is not bad at all. Go look at historical data or data from other places if you would like more information.

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Re:Why America's economy is soaring ahead of its rivals by jgil on Thursday December 05, 2024 @04:10AM (#42326381)

"Real" is a misnomer. Interest expenses aren't included in the CPI adjustment for real wage growth. Decreases in used/new vehicle prices wouldn't necessarily offset increases in food prices for someone taking public transit.

For a worker with credit card debt, or one who already struggles to afford public transit, the real wage growth is illusory.

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