[chipdart]

> Annual wages are about 15% higher today compared to 1971 in real terms.

Since 1971, the cumulative inflation rate was around 700%, with an average annual inflation being well over 3%.

So while wages increased 15%, the price of everything else around us increased over 700%.

[erko_]

The 15% increase in wages is in real terms, meaning it's already been adjusted with inflation. Think of it this way: in nominal terms, wage increase would be 715%.

[Rexxar]

+15% is x1.15, +700% is x8. 1.15x8 is 9.2 so the number you want is +820%.