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Here's the average earnings per hour in the private sector, considering the impact of inflation.
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I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891 -
No wonder my family says the late 60's and early 70's were good times...Comment
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And no wonder that Carter got his pink slip after one term.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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man, the stagflation of the late 70's really f*cked us over...Comment
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Do you have anything that shows the same graph with respect to 1982 PPP instead of just 1982 Dollars? Also non-wage compensation can be extremely misleading. The biggest non-wage compensation items are retirement plans and health care. The switch from defined benefit plans to defined contribution plans makes comparisons between retirement plans very difficult. In addition, while the cost (and thus employer contributions) to health care have risen much faster than inflation, the amount of health care that money actually buys has not risen at the same rate for most illnesses. However, medical advances have made the value health care for some illnesses infinitely better than in the past (e.g. high survival rates for things which almost always resulted in rapid death in the past).“It is no use trying to 'see through' first principles. If you see through everything, then everything is transparent. But a wholly transparent world is an invisible world. To 'see through' all things is the same as not to see.”
― C.S. Lewis, The Abolition of ManComment
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Real wages should pick up again if the economy expands, but the long run trend in real wages isn't keeping up with productivity improvements. That's for sure. I would hate to think what would happen to wages if we return to the productivity growth of the 70s and 80s.I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett KavanaughComment
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I don't understand what you're asking, pchang. The inflation number includes a consideration of what you can buy for your money (i.e., a PPP).
My dad would have died at age 42 with late 60s medical technology. After several angio-plastys, he's 63 now and still going strong. IOW, the health care that his money buys nowadays is substantially "more" than it bought in the 60s.In addition, while the cost (and thus employer contributions) to health care have risen much faster than inflation, the amount of health care that money actually buys has not risen at the same rate for most illnesses.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Interesting. My red propaganda was wrong. From 1972 to 1996, wages dropped more than 17%, not 10%. Also curious is the continued rise of wages under Shrub, at least until last year, but I'll bet that was caused by gasoline.Christianity: The belief that a cosmic Jewish Zombie who was his own father can make you live forever if you symbolically eat his flesh and telepathically tell him you accept him as your master, so he can remove an evil force from your soul that is present in humanity because a rib-woman was convinced by a talking snake to eat from a magical tree...Comment
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OPEC and Iran are CARTER'S fault?Originally posted by DanS
And no wonder that Carter got his pink slip after one term.
The economy has very little to do with who's in office, the Fed has a lot more power than the president, and they f*ck up the economy by being so obsessed with inflation that they cause unemployment to go up.
The crap in the late 70's came from the Middle East, not the White House.Comment
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Who said it was his fault? You need to refresh your reading comprehension skills.OPEC and Iran are CARTER'S fault?I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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I thought that inflation number only included commodity prices and thus, did not include PPP considerations for finished goods (stereos, computers, etc.).“It is no use trying to 'see through' first principles. If you see through everything, then everything is transparent. But a wholly transparent world is an invisible world. To 'see through' all things is the same as not to see.”
― C.S. Lewis, The Abolition of ManComment
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Sorry, I get touchy on the subject because I am sick of people blaming Carter for things that were beyond his control.Originally posted by DanS
Who said it was his fault? You need to refresh your reading comprehension skills.
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I think all of the inflation figures put out by the US gov't nowadays consider quality or efficiency improvements. Obviously, an index based largely on commodity prices will not be impacted greatly by such a consideration.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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I see you conveniently glossed over the "most illnesses" part and then skipped the remainder of my quote.Originally posted by DanS
My dad would have died at age 42 with late 60s medical technology. After several angio-plastys, he's 63 now and still going strong. IOW, the health care that his money buys nowadays is substantially "more" than it bought in the 60s.“It is no use trying to 'see through' first principles. If you see through everything, then everything is transparent. But a wholly transparent world is an invisible world. To 'see through' all things is the same as not to see.”
― C.S. Lewis, The Abolition of ManComment
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IMO the fall in real wages during the seventies was due to a correction of the tight labor market in the 60s and the baby boomers hitting the job market in the 70s. The stagnation since then is caused by global competition for jobs.I drank beer. I like beer. I still like beer. ... Do you like beer Senator?
- Justice Brett KavanaughComment
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