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Opinion | Why Biden Should Talk Up Economic Success
(www.nytimes.com)
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this post was submitted on 14 Feb 2024
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I showed you a graph of production and nonsupervisory wages compared with inflation. That's not "rich peoples' money" — it's just regular pay.
Your personal situation might be different, say because you haven't changed jobs and your boss thinks you won't do so to get better wages.
Inflation is apparently a bad indicator of actual cost of living because wages have not kept up with housing and food prices. Wages need to far exceed inflation to catch up to 90s
Inflation is based on a broad measure of all the things people buy.
Food and housing are a big part of it.
Right, but it's not all of it. Inflation includes a ton of things that don't affect people in the same capacity Last year inflation was like 7% but grocery prices were up 30%. Housing also far exceeded that, too
No one thing is all of it because people don't buy Only One Thing. Food prices did rise a lot, but people don't buy only food. So the overall cost of living didn't rise nearly so much.
Right. But people buy a lot more of One Thing than the Other Thing so when the One Thing is 30% more expensive and the Other Thing is down in price, the average of the two doesn't tell the whole story
My expenses are mostly food and housing and I know for millions of people, it's ONLY food and housing.