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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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[–] 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