Right now, in the Year of our Lord 2022, the BLS says wages are down 2.8% year over year. Maybe some people can negotiate a raise to meet inflation, but society overall just isn’t there right now. It is getting poorer.
Those are "real" wages, not nominal. And as the number is quite a bit lower than the inflation rate against which it is being correct, that seems to undercut your point, no? Inflation doesn't make you poorer.
… do you have the definition of “real” and “nominal” backwards?
Real wages are down. Specifically: prices are up 8.26%, and the raise was more like 5.5% ish. People can afford less rent. People can afford less food. People can afford less fuel. People can afford fewer goods. People can afford fewer services. People can afford less of everything. This is what “poorer” looks like.
(And remember, that isn’t 2.6% less discretionary income, that’s a total-income figure.)
ajross|3 years ago
fennecfoxen|3 years ago
Real wages are down. Specifically: prices are up 8.26%, and the raise was more like 5.5% ish. People can afford less rent. People can afford less food. People can afford less fuel. People can afford fewer goods. People can afford fewer services. People can afford less of everything. This is what “poorer” looks like.
(And remember, that isn’t 2.6% less discretionary income, that’s a total-income figure.)