Quote (bogie160 @ 17 Apr 2024 14:07)
To understand why Americans across the political spectrum despise the Biden economy you have to look no further than real median household income. American households saw purchasing power contract by ~5% between 2019 and 2022. Net job growth over that span is entirely attributable to increased immigration. Hourly median wages, when they do beat inflation, are often entirely offset by fewer total hours worked.
Case in point:
https://fred.stlouisfed.org/graph/?g=1kkRBMedian weekly real wages of full-time employed persons stood at $352 in Q1/2017 and at $367 in Q1/2020, before the impact from covid. They stood at $373 in Q1/2021 when Biden took over and still stand at $365 in Q1/2024.
So official government data literally shows that people are worse off today than they were at the beginning of Biden's presidency, yet economists, pundits and of course people from the administration claim that the economy is perfectly fine and people are just seeing ghosts.
And that's against the backdrop of a very tight labor market over the past 2 years, where one would normally expect rising (real) wages. Aaand it must be kept in mind that a lot of people quit their old, shitty jobs in the wake of covid and found something better. These numbers don't fully capture just how far the many people have fallen behind who did not recently get a new job or promotion.
This post was edited by Black XistenZ on Apr 17 2024 08:06am
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