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Just Say It, Democrats: Biden Has Been a Great President
(newrepublic.com)
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this post was submitted on 08 Feb 2024
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On average, wage growth has outstripped inflation in the last 2.5 years, so most people are better off, income-wise: https://fred.stlouisfed.org/series/LES1252881600Q
Unemployment is near historic lows as well: https://fred.stlouisfed.org/series/UNRATE
Stock market is currently insane, but that's probably just an AI bubble.
fair
This doesn't necessarily follow. Is it possible to run inflation vs wage growth for the bottom 2/3 of earners? Top-heavy growth could distort the data.
That chart is median wages, so it's more middle-heavy.
Looks like bottom 25% still saw real wage growth since pre-covid, but not as much. Says non-supervisory and production worker wages increased faster than the overall median in the last 12 months though: https://home.treasury.gov/news/featured-stories/the-purchasing-power-of-american-households
How many middle class people do you know with 2 jobs and no stock options?
I really only know lower-middle-class (family) and and upper-middle-class people (professional acquaintances). The lower-middle-class people I know do seem to be doing better since pre-covid (some had their unions negotiate decent wage increases, some got promotions into superivisory roles, some switched jobs with a big pay bump). The upper-middle-class people I know are doing much better, until maybe recently (some have been laid-off, but they may still come back on top).
I do not currently know anybody with 2 jobs. I know people who work lots of overtime to increase their income though. I'm not saying the poor and lower-middle-class shouldn't be making more money, I'm just saying they're doing a bit better, on average. Real wages have not been stagnating or declining like they have in many long periods in the past.
If you hopped jobs yea sure you get a pay bump. Not if you stay.