Funny, that is one of the reports I just read. Look at the chart in the article and it shows exactly what I said - that constant dollar wages are at their highest point since around 1980. It also shows that real dollar wages have continued their upward climb for decades.
This article uses US census data to support my statements about the movement of people between wage classes.
The title of the article is, "For most U.S, workers, real wages have barely budged for decades". The graph titled "Americans' paychecks are bigger than they were 40 years ago, but their purchasing power has barely budged" shows essentially a flat-line, not what you claim. In constant 2018 dollars, the average hourly wage in 1964 was $20.27; today it's $22.65. That is an increase, but a 10% increase in purchasing power over half a century is hardly proof that everything is tickety-boo in the US economy and labour market and the American Dream is still bright and shiny.
The article also cites evidence showing that the real, inflation-adjusted median income of employed, full-time wage and salary workers is virtually the same as it was in 1979. IN 2018 dollars, it was $840 per week then, and now it's $879 - roughly a 5% increase.
I don't know how you can read that piece and believe what you do. Wishful thinking? Cognitive bias?
Britain is hardly a model any country should strive to emulate in terms of the rewards its workers receive for their efforts, but the link below is to another chart that claims to show the real, inflation- and cost of living-adjusted income of British workers since 1855. The source seems credible, since it's a UK-government supported think tank, but I haven't read the original paper. Compare and contrast that graph with the one in the Pew document.
Wrong again. I made two statements. 1) Wages, in constant dollars, are higher now since the early 80s. Correct, even using you’re own resource. You’re reading the sensationalist headline and verbiage. I’m looking at the data. And 2) that the middle class shrunk in part due to many of them moving into the next upper class. The data doesn’t lie. You selectively point out that the higher income people had big wage increases, but the data in your own resource points out that all income tiers had wage increases.
You are being disingenuous tho which I believe is what boojum is stating. For all intents and purposes wages have been stagnant for decades and you know that all too well.
There is no huge influx into the upper class causing the middle class to decline. Quite the opposite.
Wealth is consolidating and that is a well known fact.
No, what I am saying is that the people saying how things have declined wage-wise is not correct. Wages have kept up with the overall cost of living just fine based on unbiased data sources. And the move from middle to upper class is a fact clearly shown by unbiased data from the self-reported census. Some people just need to blame things for their woes. In this case, it just doesn’t hold up.
The Bureau of Labor and Statistics CPI includes food and energy costs. Read about halfway down in this https://www.cnbc.com/id/43769766
The data in the article cited is from the BLS, and so includes food and energy in the inflation factor. I don’t listen to nonsense. A big part of my job is to cut through all the right and left wing BS to figure out what is really going on. People depend on me to know the facts, not pontificate on some biased slant. That’s why I read the reports and look at the data, not the headlines and reporter slants.
Just so you know, I am solidly Independent and could give a rip who is to credit for the current positive economics. I just look at the results and forecast the horizon based on what’s going on.
So why isn't members of the working class replacing the exiting middle class if the economy is better for Americans than generations prior? Because the working class are just too stupid to get in the middle class?
First off the old concept of classes is antiquated. There are way too many bouji rich people and broke ass prole business owners. Get that class nonsense out of your head people.
It won't be long, we're practically already here, the middle class is the automation and those that work on the automations.
The upper classes are those that can afford to own the machines and the entertainers that keep the "middle" and "lower" classes from creating a revolution.
The "lower class" are those paid enough by the state to avoid creating a revolution.
It is going to be a hard time as many "stupid" people have no work.
who are responsible for lower wages and a shrinking middle class
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Funny, that is one of the reports I just read. Look at the chart in the article and it shows exactly what I said - that constant dollar wages are at their highest point since around 1980. It also shows that real dollar wages have continued their upward climb for decades.
This article uses US census data to support my statements about the movement of people between wage classes.
http://www.aei.org/publication/yes-the-us-middle-class-is-shrinking-but-its-because-americans-are-moving-up-and-no-americans-are-not-struggling-to-afford-a-home/
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Boojum
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leodynasty
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The title of the article is, "For most U.S, workers, real wages have barely budged for decades". The graph titled "Americans' paychecks are bigger than they were 40 years ago, but their purchasing power has barely budged" shows essentially a flat-line, not what you claim. In constant 2018 dollars, the average hourly wage in 1964 was $20.27; today it's $22.65. That is an increase, but a 10% increase in purchasing power over half a century is hardly proof that everything is tickety-boo in the US economy and labour market and the American Dream is still bright and shiny.
The article also cites evidence showing that the real, inflation-adjusted median income of employed, full-time wage and salary workers is virtually the same as it was in 1979. IN 2018 dollars, it was $840 per week then, and now it's $879 - roughly a 5% increase.
I don't know how you can read that piece and believe what you do. Wishful thinking? Cognitive bias?
Britain is hardly a model any country should strive to emulate in terms of the rewards its workers receive for their efforts, but the link below is to another chart that claims to show the real, inflation- and cost of living-adjusted income of British workers since 1855. The source seems credible, since it's a UK-government supported think tank, but I haven't read the original paper. Compare and contrast that graph with the one in the Pew document.
https://www.economicvoice.com/chart-of-the-week-historical-real-average-salary/
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JD777
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Wrong again. I made two statements. 1) Wages, in constant dollars, are higher now since the early 80s. Correct, even using you’re own resource. You’re reading the sensationalist headline and verbiage. I’m looking at the data. And 2) that the middle class shrunk in part due to many of them moving into the next upper class. The data doesn’t lie. You selectively point out that the higher income people had big wage increases, but the data in your own resource points out that all income tiers had wage increases.
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nikkiclaire
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You are being disingenuous tho which I believe is what boojum is stating. For all intents and purposes wages have been stagnant for decades and you know that all too well.
There is no huge influx into the upper class causing the middle class to decline. Quite the opposite.
Wealth is consolidating and that is a well known fact.
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JD777
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No, what I am saying is that the people saying how things have declined wage-wise is not correct. Wages have kept up with the overall cost of living just fine based on unbiased data sources. And the move from middle to upper class is a fact clearly shown by unbiased data from the self-reported census. Some people just need to blame things for their woes. In this case, it just doesn’t hold up.
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nikkiclaire
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nikkiclaire
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I don't see us blaming our woes. Food and energy are not included in inflation. You aren't going to listen tho so enjoy your upper class nonsense.
Btw. In the past year I've gone from homeless with $30 to owning a farm. I'm not complaining but I know the truth and your views are not reality.
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JD777
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The Bureau of Labor and Statistics CPI includes food and energy costs. Read about halfway down in this https://www.cnbc.com/id/43769766
The data in the article cited is from the BLS, and so includes food and energy in the inflation factor. I don’t listen to nonsense. A big part of my job is to cut through all the right and left wing BS to figure out what is really going on. People depend on me to know the facts, not pontificate on some biased slant. That’s why I read the reports and look at the data, not the headlines and reporter slants.
Just so you know, I am solidly Independent and could give a rip who is to credit for the current positive economics. I just look at the results and forecast the horizon based on what’s going on.
It doesn't matter what wages do if purchasing power declines which is what has happened.
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JD777
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No, read the data again. It shows purchasing power has not declined.
So why isn't members of the working class replacing the exiting middle class if the economy is better for Americans than generations prior? Because the working class are just too stupid to get in the middle class?
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Meowypowers
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First off the old concept of classes is antiquated. There are way too many bouji rich people and broke ass prole business owners. Get that class nonsense out of your head people.
It won't be long, we're practically already here, the middle class is the automation and those that work on the automations.
The upper classes are those that can afford to own the machines and the entertainers that keep the "middle" and "lower" classes from creating a revolution.
The "lower class" are those paid enough by the state to avoid creating a revolution.
It is going to be a hard time as many "stupid" people have no work.