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by obrero
3781 days ago
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> industrial capacity has been rising that is what "more capital equipment exists" means. Its utilization of 87%+ in the late 1960s to below 77% in 2011 is the problem. > inflation-adjusted hourly compensation has never been higher The chart you refer to is very obviously NOT inflation adjusted. Adjusted for inflation it was higher in the early 1970s - it has fallen over 45 years. > making up random facts I am citing data correctly. You are pointing to charts showing hourly wages are 10 times what they were 50 years ago and saying they are not adjusted for inflation. |
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https://research.stlouisfed.org/fred2/series/COMPRNFB
My mistake, thanks for the correction. It's still going up.
The claims that wages have not risen are based entirely on cherry-picked data, carefully choosing endpoints, and ignoring non-wage compensation as well as the fact that CPI wildly overstates inflation in the long run [1].
Also, the graph I provided is industrial production, which is going up. You might be right that capacity grew faster than production (cite?), but production has also gone up.
[1] See, e.g. Boskin commission, the lack of hedonic adjustments in healthcare, and the variable basket of goods used in chained CPI which prevents it from actually being a long term inflation measure. (I.e., inflation from 1970->2015 should only include goods invented in 1970, but chained CPI adds new goods yearly in order to accurately measure 1983->1984 inflation.)