MrSquished
Lifer
- Jan 14, 2013
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What I'm getting at is, if the average worker at a steel mill gets a 3% wage every year, that doesn't magically become a 7% wage because inflation went up 4% that year. It stays at 3% and the steel worker is working for 1% cheaper or whatever.
Sure some competitor may have to pay 4% more to get new hires, or maybe not because maybe that particular industry has wage stagnation going on and instead their 4% got sucked into some bullshit stat on MBAs at startups vampiring govt subsidies and getting massive payouts instead.
That's the trouble with statistics, they can lie like a motherfucker if you summarize them.
Real wages are measured against inflation and the costs of living. It's pretty complex taking into account all the numbers, and it's easy to fuck up. Real wages have essentially been stagnant at best over the last few decades for anybody but the wealthy. This is still true today. Don't think it includes productivity and things like that though.