If I interpret the first figure of this article correctly, the 25% poorest of the population have always been ‘shafted no lube’ (pardon my economists jargon), but were about to have a wages growth above inflation; before the fight against inflation was finally won (well done, joe) and the slaves slaved again.
I think that the problem is that the metric used for measuring the wages growth is an average:
In a society where most of the wealth goes to a few, an average is not necessarily a good measure:
I like this image from this article from the fed
They have the following remark below this graph:
For example, about 57 percent of the WGT sample had positive real wage gains during 2019, whereas during 2022, only 45 percent of people had positive real wage growth. Put another way, despite higher median nominal wage growth, the share of people with positive real wage growth between 2019 and 2022 due to higher inflation fell by 12 percentage points.
Edit, from the bottom of the article:
Your own wage growth experience might not look like that of your neighbors or your colleagues, and it might not resemble that of the person with median wage growth either.
In an apparent attempt to troll their political opponents, MAGA allies gleefully announced the extreme conservative blueprint is ‘on the Trump agenda’
…In an apparent attempt to troll their political opponents…
I’m depressed of this shit
I think the problem is that inflation does not impact the poorest population the same:
The CPI weighting is based on an average consumer, the poorest people will have more sensibility to price change for things like food or rent.
Rent and food prices increase in total by 20-25% in 4 years. If you were already tight at the beginning of the Biden presidency, you’re now have a high chance of being homeless.