Sharp and sustained economic criticism from Biden's ostensible allies established a narrative of failure that has proved alarmingly resistant to reality.
daily costs for most people have risen and rich people tend to have less of their income spent on the things actually going up in price so my guess is wages are a response.
Now that’s not a fair comparison, because exactly in 2022 was when post-Covid and supply chain and corporate greed fueled inflation to its peak. So, what we do is correct it down to constant dollars, which gives us inflation adjusted income in constant 2015 dollars:
2019: $52,070
2020: $50,024
2021: $53,417
2022: $54,274
… i.e. even after accounting for the factor you’re claiming means we’re making less, we’re making more.
Income for the top 10% of wage earners actually went down by about 5% from 2020 to 2022, and income at the bottom tiers (again inflation adjusted) actually went up by enough to counterbalance it and result still was a net gain.
daily costs for most people have risen and rich people tend to have less of their income spent on the things actually going up in price so my guess is wages are a response.
Okay, let me be a little more complete since “inflation adjusted” seems to be confusing and I feel like maybe you’re not the only one.
Per capita income, current dollars:
Now that’s not a fair comparison, because exactly in 2022 was when post-Covid and supply chain and corporate greed fueled inflation to its peak. So, what we do is correct it down to constant dollars, which gives us inflation adjusted income in constant 2015 dollars:
… i.e. even after accounting for the factor you’re claiming means we’re making less, we’re making more.
Income for the top 10% of wage earners actually went down by about 5% from 2020 to 2022, and income at the bottom tiers (again inflation adjusted) actually went up by enough to counterbalance it and result still was a net gain.