Researchers for the Federal Reserve Bank of Dallas published new findings that calculated “real wages” — the effective income of workers when adjusted for inflation.
“We find that a majority of employed workers’ real (inflation-adjusted) wages have failed to keep up with inflation in the past year,” the researchers said. “For these workers, the median decline in real wages is a little more than 8.5%.”
“Taken together, these outcomes appear to be the most severe faced by employed workers over the past 25 years,” the researchers added.
https://nypost.com/2022/10/06/americans-saw-most-severe-pay-cut-in-25-years-under-biden/
I find it very hard to believe that it's that big a decline for the median worker. That makes no sense given that inflation was around 8.5% while median wages increased something like 5.0%. Which is a 3% real decline in wages.
I think, not surprisingly, that the New York Post is selectively quoting. I know that real median wages have declined given what I just said above but by around 3.5%. A better source than Murdoch trash would be nice.
For instance: Median weekly earnings increased 5.2 percent for the year ended in the second quarter of 2022
Median weekly earnings of the nation's 118.9 million full-time wage and salary workers increased from $990 in the second quarter of 2021 to $1,041 in the second quarter of 2022, or 5.2 percent. This compared with a gain of 8.6 percent in the Consumer Price Index for All Urban Consumers over the same period.
https://tinyurl.com/42fh48ebYou have accurate stats posted by the Bureau of Labor Statistics at the end of July. Why you would quote from Murdoch's lies is beyond my comprehension.
