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Americans’ Wages Are Higher Than They Have Ever Been, and Employment Is Near Its All-Time High
(www.americanprogress.org)
this post was submitted on 17 Oct 2024
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Looking carefully at figure 5A, it's not as great as they want it to be. Even if the adjusted average wages have finally recovered after decades of low points, look at the rate before the drop and the rate leading up to now. And I will always question using just hourly wage as an indicator of how things are going when the first thing that happens when things tighten up is hours are cut. Still employed, still making X/hour, but net income is way down. Things are great. Sure. Then there's the specter of underemployment, and working multiple jobs to make up for low income, probably due to not enough hours from the first job. But that wage number is great, right?
There's always risk in life, and the world isn't some perfect place. The point is that it's actually improved recently, by any measure you might use.
They literally just explained why that's not an accurate representation, by the specific measures detailed.
How do you benefit from clinging to an untruth?
They didn't — what they did was raise a bunch of red herring type issues.
There are a ton of measures of unemployment which try to capture the kinds of thing they're talking about, and they show similar imporvements.
I raised some points to consider, not to try and mislead anyone. How is underemployment or amount of jobs per worker doing? What is incorrect about how wage per hour isn't the whole picture when your hours get cut?
U-6 looks at those kinds of underemployment numbers, and is doing pretty well:
This doesn't mean it's perfect, or everybody is now a sudden billionaire. It does mean that it's within the range of "pretty much ok for most people"
Ah, didn't realize you're a person of the land, the common clay of the new West.
This community only believes the news when it's bad.