That is literally not true. Real wages peaked back in 2020 and have been rapidly declining (the steepest decline in real wage value since the Great Depression, even higher than the 08 recession) ever since. It is this rapid decline more than anything else that is causing people to think ‘the economy is bad’.
It feels bad when your work doesn’t go as far as it did last year. When your body is breaking down, but you can’t seem to make any real progress on saving money. Labor productivity is up, and yet real wages are not commensurate, because real wages have NEVER been corollary with labor productivity, and if anything, when real wages go down, labor productivity goes up because people have to work more to afford basic necessities or even simple luxuries.
That is literally not true. Real wages peaked back in 2020 and have been rapidly declining (the steepest decline in real wage value since the Great Depression, even higher than the 08 recession) ever since. It is this rapid decline more than anything else that is causing people to think ‘the economy is bad’.
It feels bad when your work doesn’t go as far as it did last year. When your body is breaking down, but you can’t seem to make any real progress on saving money. Labor productivity is up, and yet real wages are not commensurate, because real wages have NEVER been corollary with labor productivity, and if anything, when real wages go down, labor productivity goes up because people have to work more to afford basic necessities or even simple luxuries.