In stark contrast to prior decades, low-wage workers experienced dramatically fast real wage growth between 2019 and 2023, but many workers continue to suffer from grossly inadequate wages and middle-wage workers face significant gaps across demographic groups.
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.
Inflation is reported relative to annual, and compounded over the last 4 years equals roughly 20% — meaning those lower wage workers are still 8% worse off. That’s only if you believe inflation figures are accurate, too. I do not because the cheapest items at my grocery store are still 50+% up from what they were 4 years ago; most governments do not include big ticket items either (where the majority of expenses go) and continuously alter how they report statistics — it’s all a deceptive smoke and mirrors game designed to make it look like the political and economic system isn’t failing; that “the economy” and “the people” are better off today than they were last decade.
Does it outpace inflation of grocery, housing, and fuel costs?
Yes. The numbers in the report are based on real wages; i.e., inflation adjusted wages.
The report states the bottom 10% are still unable to make ends meet, but their wage growth has still significantly exceeded inflation.
Lol
Of course not.
Inflation is reported relative to annual, and compounded over the last 4 years equals roughly 20% — meaning those lower wage workers are still 8% worse off. That’s only if you believe inflation figures are accurate, too. I do not because the cheapest items at my grocery store are still 50+% up from what they were 4 years ago; most governments do not include big ticket items either (where the majority of expenses go) and continuously alter how they report statistics — it’s all a deceptive smoke and mirrors game designed to make it look like the political and economic system isn’t failing; that “the economy” and “the people” are better off today than they were last decade.