Submitted by Taps Coogan on the 19th of April 2019 to The Sounding Line.
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According to the U.S. Bureau of Labor Statistics, inflation adjusted average wages for production and non-supervisory workers for March came in at $23.24 per hour. That is down ever so slightly from February (-0.2%), which was an all-time high.
Unfortunately however, $23.24 per hour is exactly how much the average worker would have made in February 1973 (in inflation adjusted terms). In other words, only in the last few months have US hourly production wages returned to the levels they set 46 years ago. Meanwhile, inflation adjusted GDP has grown over 232%, inflation adjusted GDP per capita has grown 113%, and the S&P 500, adjusted for inflation, has grown 299%.
You will find more infographics at Statista
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No wonder everybody is broke!
Hello Karen . Here are some good references if you do not mind them being a little on the long side .
Debt Traps, Public and Private / https://www.youtube.com/watch?v=vAStZJCKmbU&list=PLmtuEaMvhDZZQLxg24CAiFgZYldtoCR-R&index=6
ACATIS Konferenz 2016, Mr. Koo, Surviving in the Intellectually Bankrupt Monetary Policy Environment / https://www.youtube.com/watch?v=8YTyJzmiHGk
I’m confused, looking at the chart it appears the 23 dollar ‘standard’ was only briefly set in 1973?
You are correct. $23 is not a standard per say it’s that wages were rising until 1973 and have been basically flat (down then up) since then yet the economy and markets have moved up a lot