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Under Biden, U.S. economic growth becomes the ‘envy of the world’ (www.msnbc.com)

submitted 6 months ago by mozz@mbin.grits.dev to c/usnews@beehaw.org

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[–] MasterNerd@lemm.ee 15 points 6 months ago (15 children)

Yeah if only the working class were seeing any of that growth

[–] mozz@mbin.grits.dev 7 points 6 months ago (14 children)

Boy do I have some good news for you

The nation’s unemployment rate has sat below 4 percent for more than two years now, the longest such streak since the 1960s. With labor markets persistently tight, low-income workers have finally secured some leverage over their employers, and wage inequality has fallen as a result.

[–] Nomecks@lemmy.ca 12 points 6 months ago (13 children)

Nice! How have wages at these new jobs been stacking up with inflation?

[–] nxdefiant@startrek.website 7 points 6 months ago (2 children)

It's one of those cruel ironic twists. Wages actually have increased, but inflation has far outpaced them.

It's only barely begun to level back out. The real question is if the wages will stay high once inflation (and greedflation) calms the fuck down.

https://www.statista.com/statistics/1351276/wage-growth-vs-inflation-us/

[–] t3rmit3@beehaw.org 5 points 6 months ago (1 children)

Don't be deceived. This person is misrepresenting statistics.

Here's the link they provided me about their claims about the low-end wage growth:

https://www.epi.org/publication/swa-wages-2023/

This is where they're getting their 35% claims from.

And here's what it says under Key Findings:

Wage rates remain insufficient for individuals and families working to make ends meet. Nowhere can a worker at the 10th percentile of the wage distribution earn enough to meet a basic family budget.

[–] mozz@mbin.grits.dev 2 points 6 months ago

Yeah that's me, Mr. Dishonest, over here explaining what the cumulative wage growth is, and the cumulative inflation, so that people can compare the two and see which one is higher

I actually originally cited the source which simply said that inflation-adjusted wages had grown by 12%, incorporating both into a single number, but that led to a certain amount of confusion, so I separated it out into the two relevant numbers

You know, like a terribly dishonest person would do

(And yes, the poorest 10% of this country is still fucked and needs quite a lot of help. My point was not that they're doing okay now, it was that they have seen substantial gains relative to where they were, which is a notable thing, and that we should keep doing the things that got them going in the right direction for once in God knows how long.)

[–] mozz@mbin.grits.dev 3 points 6 months ago

inflation has far outpaced them

This actually isn't fully true -- inflation hasn't outpaced wages at the bottom end, and the only place it's "far" outpaced them is at the top. (The Vox article talks about more details about how and why)

Cumulative inflation from 2019 to 2023 is about 18% (which is fuckin massive, mostly due to the 2022 spike)

But then:

Wages at the bottom (10th percentile) in that time went up by about 35% in current dollars, well outpacing inflation
Median wages basically held steady with inflation, I think they're a couple percent behind it but basically the same as they were just with people unhappier when they look at their grocery bills
Wages at the top (90th percentile) actually didn't hold pace with that historic inflation; for those people their constant dollar wages have been falling, yes

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