But not everyone has broken even at this point, and that could be part of the explanation behind the continued pessimism. On average, pay gains have not fully caught up with the jump in prices since the start of the pandemic
Dog it hasn’t caught up with jumps in prices since the 70s lol
Real income and CPI caught up in the 60s before trending back to the robber baron age
(Noting this uses averages, doesn’t account for labour force participation, uses taxpayer units instead of the entire population, the right hand side is log-scale, and is almost 25 years out of date)
What a cursed graph. The price index is on a log scale while income is on a linear scale. Also the average income is already adjusted for inflation, which is incredibly confusing.
Dog it hasn’t caught up with jumps in prices since the 70s lol
Oh they weren’t talking about the covid pandemic, they’re talking about Spanish Flu
Real income and CPI caught up in the 60s before trending back to the robber baron age
(Noting this uses averages, doesn’t account for labour force participation, uses taxpayer units instead of the entire population, the right hand side is log-scale, and is almost 25 years out of date)
What a cursed graph. The price index is on a log scale while income is on a linear scale. Also the average income is already adjusted for inflation, which is incredibly confusing.
But this process happened much more rapidly since 2020