Americans' inflation-adjusted incomes rebounded to pre-pandemic levels last year
Americans' inflation-adjusted incomes rebounded to pre-pandemic levels last year
The inflation-adjusted median income of U.S. households rebounded last year to roughly its 2019 level, overcoming the biggest price spike in four decades to restore most Americans’ purchasing power.
Elitist propaganda. Eat the rich
Our family income only went up because I picked up two (very) part time jobs lol it’s amazing that that is somehow a sign we’re back to normal in their eyes.
The data showed that while the typical American household regained its 2019 purchasing power in 2023, it essentially experienced no rise in living standards over that time.
At least they admit the increase didn't help anyone
Apnews...?
AP Newswire is generally a good source of information yes, and while the person you are responding to is being bombastic, they're not materially wrong.
Everything AP presents here is presented in the tone of "this is the best we can do" and the idea that bringing us barely back to sustenance levels we were at before (there was certainly a big homeless problem in my city before COVID) is a "great" thing to be presenting as a winning campaign issue belies the real suffering many, many US citizens are currently suffering.
It's also choosing to make measurements and metrics that benefit the status quo instead of choosing different metrics that do show the real picture for citizens on the ground in the USA.
Does that mean it's fully propaganda. No, but it's inability to talk about the issue outside the prescribed accepted discourse presents a problem as it does not show the full picture. It's much like the Clinton campaign in 1992 pushing protestors at campaign events outside of the view of the television cameras. As long as it's not in the picture, it effectively doesn't exist.
Chomsky said it best:
The smart way to keep people passive and obedient is to strictly limit the spectrum of acceptable opinion, but allow very lively debate within that spectrum - even encourage the more critical and dissident views. That gives people the sense that there's free thinking going on, while all the time the presuppositions of the system are being reinforced by the limits put on the range of the debate.
Are these elitists in the room with you right now....?
…which still weren’t sufficient for the working class.
Meanwhile prices did not.
Well, that's the "inflation" part, isn't it?
Not really. Inflation is an average across the board but a lot of things that were affected by price gouging went up much higher. I'm not sure specifically how it's all calculated but last time I mathed it out my expenses went up much higher than what inflation said they should have.
my wages have not kept up with inflation since 2020. I don't know whos wages have but its not the case for me. granted I wfh now so that is nice buy the most I have made so far is in 2020 in relation to inflation.
I've never had a job where my wage kept up with inflation. My annual raise was always below inflation, and I felt lucky to get annual adjustments at all.
I suspect this is simply an artifact of math. The rich get richer and the poor get poorer, and as long as the average of the two looks good then the people in charge can nod their heads, say "good good," then go spend a week on their yacht.
you know this is by and large true of me but my pay increased with every job change, which did happen in 2020. I wish I could change my job more often but im single income and I have to maintain healthcare.
Mine do but that’s because I got a new job, which is about the only way to get a raise that beats inflation these days.
So... Still unacceptably low. Got it.
Printing it doesn't make it true. Smells of propaganda. How many people do you know who got a raise over 7%?
This was for 2023 and the job market was hot that year. If you switched jobs you probably got a double digit pay rise, and many people were doing it. That's what drove the number.
However, the job market is kinda crashing right now in 2024. So I don't think it's a trend that will continue.
Still unemployed here, applying for jobs that I’m well-qualified for, being rejected without an interview and watching those listing reappear on job sites on a weekly basis.
Til...
If were true wouldn't that mean deflation as wages haven't actually kept up?
No. This is saying that wages have outpaced inflation, which would be disinflation rather than deflation. It's confusing but they are not actually the same thing even though it sounds like they should be.
No it's saying some have.
The latest data came Tuesday in an annual report from the Census Bureau, which said the median household income, adjusted for inflation, rose 4% to $80,610 in 2023, up from $77,450 in 2022. It was the first increase since 2019, and is essentially unchanged from that year’s figure of $81,210, officials said. (The median income figure is the point at which half the population is above and half below and is less distorted by extreme incomes than the average.)
It's not even a good metric to try and say income is getting better
This article talks about income (wages, salary etc).
Poorly, but not like you're great at discussion or reading comprehension
The data showed that while the typical American household regained its 2019 purchasing power in 2023, it essentially experienced no rise in living standards over that time.
The key word is "inflation adjusted"