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.
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.