EconLog | Library of Economics and Liberty: "Boudreaux and Perry point out three things:
(1) The CPI has overstated inflation for a number of decades and, therefore, incomes that appear stagnant are not.
(2) A higher percent of pay today is not counted as pay in the statistics on hourly pay because it is in the form of benefits.
(3) I'll quote this one: "The average hourly wage is held down by the great increase of women and immigrants into the workforce over the past three decades. Precisely because the U.S. economy was flexible and strong, it created millions of jobs for the influx of many often lesser-skilled workers who sought employment during these years.
Since almost all lesser-skilled workers entering the workforce in any given year are paid wages lower than the average, the measured statistic, "average hourly wage," remained stagnant over the years--even while the real wages of actual flesh-and-blood workers employed in any given year rose over time as they gained more experience and skills.""
'via Blog this'
No comments:
Post a Comment