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Just Say It, Democrats: Biden Has Been a Great President (newrepublic.com)

submitted 10 months ago by Rapidcreek@lemmy.world to c/politics@lemmy.world

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[-] Deceptichum@kbin.social 13 points 10 months ago* (last edited 10 months ago)

In 2019 real wages were on par with what they were in 1973. That is no growth in over 50 years.

Of course things are going to go back to pre-Covid levels post-Covid. That's not a sign that things are magically fixed. Housing and food costs are at extreme highs, the amount of people working two jobs to survive are at highs, etc. etc. CPI also lags behind on many things such as market rent.

And don't even get me started on the generational gap, millenials, zoomers, and alphas are all far far worse off than previous generations.

[-] Maggoty@lemmy.world 4 points 10 months ago

That graph kind of sidesteps the actual problem. Inflation has run away so much that 1973 isn't nearly enough. I know that seems weird because they used real terms but median wage increases since 1974 have lost to core inflation over the decades by over a hundred points.

What we're actually seeing here is the worth of money adjusting. But if you put core inflation on there it would be an even higher line.

It's worth mentioning that WEC is heavily pro-corporate and neo liberal. They'd love to push a graph that made it seem like everyone was panicking for no reason.

[-] Cornelius_Wangenheim@lemmy.world -2 points 10 months ago* (last edited 10 months ago)

Cool, what does that have do with Joe Biden's presidency? You know, the one that started Jan 20, 2021 and is the topic of this thread.

Massive systems, like the economy, don't get fixed overnight. It took 40 years to fuck it up as much as it is now and it will probably take nearly as long to unfuck it.

this post was submitted on 08 Feb 2024

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