On average, wage growth has outstripped inflation in the last 2.5 years
fair
so most people are better off, income-wise
This doesn’t necessarily follow. Is it possible to run inflation vs wage growth for the bottom 2/3 of earners? Top-heavy growth could distort the data.
I really only know lower-middle-class (family) and and upper-middle-class people (professional acquaintances). The lower-middle-class people I know do seem to be doing better since pre-covid (some had their unions negotiate decent wage increases, some got promotions into superivisory roles, some switched jobs with a big pay bump). The upper-middle-class people I know are doing much better, until maybe recently (some have been laid-off, but they may still come back on top).
I do not currently know anybody with 2 jobs. I know people who work lots of overtime to increase their income though. I’m not saying the poor and lower-middle-class shouldn’t be making more money, I’m just saying they’re doing a bit better, on average. Real wages have not been stagnating or declining like they have in many long periods in the past.
On average, wage growth has outstripped inflation in the last 2.5 years, so most people are better off, income-wise: https://fred.stlouisfed.org/series/LES1252881600Q
Unemployment is near historic lows as well: https://fred.stlouisfed.org/series/UNRATE
Stock market is currently insane, but that’s probably just an AI bubble.
fair
This doesn’t necessarily follow. Is it possible to run inflation vs wage growth for the bottom 2/3 of earners? Top-heavy growth could distort the data.
That chart is median wages, so it’s more middle-heavy.
Looks like bottom 25% still saw real wage growth since pre-covid, but not as much. Says non-supervisory and production worker wages increased faster than the overall median in the last 12 months though: https://home.treasury.gov/news/featured-stories/the-purchasing-power-of-american-households
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I really only know lower-middle-class (family) and and upper-middle-class people (professional acquaintances). The lower-middle-class people I know do seem to be doing better since pre-covid (some had their unions negotiate decent wage increases, some got promotions into superivisory roles, some switched jobs with a big pay bump). The upper-middle-class people I know are doing much better, until maybe recently (some have been laid-off, but they may still come back on top).
I do not currently know anybody with 2 jobs. I know people who work lots of overtime to increase their income though. I’m not saying the poor and lower-middle-class shouldn’t be making more money, I’m just saying they’re doing a bit better, on average. Real wages have not been stagnating or declining like they have in many long periods in the past.
If you hopped jobs yea sure you get a pay bump. Not if you stay.