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by xyzzyz
2384 days ago
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> Now working class married couples are just as likely to have a total of two to six jobs between them, but their real median income is still lower than it was when only one person was working This is very much false. Look at the data. Real median income of all households had risen by a relatively small amount, because there are many more households today with one adult than in the past. However, real median income of households with two adults had rose very substantially. Similarly, real median household income of households with one adult also rose substantially. The relative stagnation of real median household income is mostly an artifact of changes in the composition of the index. |
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Not only that, but we should remember that there are simply more _people_ globally. Using the U.S. as an example - when my dad was born in 1954, the U.S. population was HALF of what it is now. Should we assume that all markets and wage/labor share increase linearly AND directly (in time) with population? Certainly not.
Somewhat tangential, this population factor also plays a major role (though not the only one) for the reason city or near-city housing prices have skyrocketed - building construction just didn't keep up with the sheer population growth in many advanced economies, even more so in cities of advanced economies. This is why my buddy in Palo Alto is, for all intents and purposes, forced to live with two retirees and 4 other Millenial devs to afford rent.