Quote:
Originally Posted by CliffFletcher
Real wages in the U.S. are growing. And they’re growing fastest for those at the bottom of the wage ladder.
According to the expert on minimum wage policies interviewed in this podcast, the tight labour market in the service and hospitality sectors has reduced wage inequality dramatically in the last few years.
https://www.theringer.com/2024/2/23/...th-u-s-economy
The U.S. has recovered from the pandemic much faster and stronger than European countries. But the inflation of the pandemic economy is still front of mind for voters. |
Not so much in the states that decide the election. Real Median Household Income in Ohio, Michigan, Wisconsin, Nevada, etc. is below where it was 20-25 years ago and well below where it was pre-pandemic. And while it is rising overall nationwide, that's more of a recovery than actual growth, as it's still only up 1% compared to pre-pandemic. To be fair, that's to be expected given the situation. But when Real GDP per capita has risen 8% in that same period, it's pretty clear that virtually none of the vaunted economic growth is actually ending up in the hands of the average voter. And it looks even worse when you restrict it to Biden's tenure; since Q1 2021 Real GDP per capita has risen 7% while Real Median wages have dropped almost 1%.