this post was submitted on 16 Jun 2024
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Yeah if only the working class were seeing any of that growth
Boy do I have some good news for you
Nice! How have wages at these new jobs been stacking up with inflation?
Exceeding it
It actually makes it a lot more remarkable - short summary is that wages at the bottom end have gone up by like 35% un adjusted, with some but not all of that gain being eaten up by inflation. Wages at the middle and the top have kept pace with inflation or fallen slightly relative to it.
Basically, wages have gone up hugely (especially at the bottom which I suspect is invisible to a lot of the Lemmy-reading and news-article-writing class since they’re in relatively okay tech savvy types of jobs), which was Biden’s doing, even in the face of huge inflation which wasn’t Biden’s doing. If it wasn’t for having to dig out from COVID we’d be in a historic economic boom right now.
(The Vox article I linked goes into some additional detail which I hadn’t been aware of about the inflation piece - TL;DR is that after Covid, Biden had to accept either inflation or unemployment, and he chose inflation where most of the neoliberal garbage that is our political class would have chosen unemployment.)