After adjusting for inflation, wages are higher than at any point in U.S. history, and after adjusting for age and sex, the percentage of the population that is employed is around its peak in U.S. history.
After adjusting for inflation, wages are higher than at any point in U.S. history, and after adjusting for age and sex, the percentage of the population that is employed is around its peak in U.S. history.
That’s literally a textbook definition of inflation.
This is misleading from the first phrase. There is no way to calculate the “price level” because it doesn’t exist.
When people choose their “basket” and its weights, that subjective choice determines a “price level”.
There is no objective price level.
Well something is wrong, because my equals in the 1970s had a higher quality of life than my peers do now. Maybe tradesmen just got left behind because those wages now include people making $150k as entry level programmers, etc.
It’s describing an average. There are definitely subgroups doing both better and worse
Yeah that’s the problem with using a completely subjective average as the basis of (pseudo-)science.
It’s not subjective though.