For my second blog comment, I read Drew Desilver's article “How Wages Have Not Grown Much.” Although this article was published in 2018, the information is still relevant today. The main topic was how American workers are seeing small improvements in wages. The average hourly wage has about the same purchasing power as in 1978, even with greater paychecks. When I search online, I believe the average hourly wage in America now is $28.16, a few dollars more than the amount mentioned in the article. As inflation has increased since 2018, it is very upsetting that the average hourly wage is not increasing at the same rate.
However, it is mentioned that wage gain has been more in favor of…
For my first TeachEconomicsBlog Comment I decided to respond to the article “For most U.S. workers, real wages have barely budged in decades" By Drew DeSilver. In this article DeSilver discusses that Americans should prepare for hard times as wages have not budged in at least 40 years, and it doesn’t seem to budge anytime soon despite inflation. It is insane to read that today’s average hourly rate has the same purchasing power as it did in 1978. It is unfair, in my opinion, to hear that since 2000 weekly wages have only risen by 3% for the lowest ten percent of earners while for the highest ten percent has had a 15.7% increase. This proves the famous line many…
The article titled "How Wages Have Not Grown Much" speaks about an issue within the United States relating to inflation and worker's wages. In the beginning, we are presented with statistical evidence that shows that despite wages seemingly increasing since forty years ago, the purchasing power of the new wages is basically the same. This is alarming and it reveals just how difficult it can be to earn a comfortable living when wages do not keep up with the increase of prices over time. Even though unemployment has been lower compared to then and there are more jobs being opened than ever, wages and wage gaps are still an ever looming issue. In recent years there have been many strikes…
For my 4th TeachEcoKnowmics, I read an article about how wages have not been increasing in the past couple of decades. The most powerful statement I got from this article is that a wage of $4.03 in 1973 has the same purchasing power as $23.68 in 2018. I found it absurd that the standard of living has increased so much that an $18 increase in wages doesn’t influence how well someone can be. This means that people need to be earning a significant amount to keep up with the cost of living. Another interesting point this article makes is that when wages do increase, the top earners for the company get it instead of the mid to low level employees.…
This is my fifth blog assignment. I chose this particular article on “For most U.S. workers, real wages have barely budged in decades” by Drew DeSilver. The article talks about how over 40 years the U.S. despite low employment and a strong market the purchasing power seems to be the same as it was it was 40 years ago. We continue to hear that our economy goes up and down which affects our GDP. The cost-of-living adjustments are increases designed to offset inflation. The current COLA for 2023 is 8.7%, which means if your employer is going to give the adjustment that will increase the employee annual salary by $10,870 to account for inflation. Some employers don’t even consider …
For my second blog comment, I read Drew Desilver's article “How Wages Have Not Grown Much.” Although this article was published in 2018, the information is still relevant today. The main topic was how American workers are seeing small improvements in wages. The average hourly wage has about the same purchasing power as in 1978, even with greater paychecks. When I search online, I believe the average hourly wage in America now is $28.16, a few dollars more than the amount mentioned in the article. As inflation has increased since 2018, it is very upsetting that the average hourly wage is not increasing at the same rate.
However, it is mentioned that wage gain has been more in favor of…
For my first TeachEconomicsBlog Comment I decided to respond to the article “For most U.S. workers, real wages have barely budged in decades" By Drew DeSilver. In this article DeSilver discusses that Americans should prepare for hard times as wages have not budged in at least 40 years, and it doesn’t seem to budge anytime soon despite inflation. It is insane to read that today’s average hourly rate has the same purchasing power as it did in 1978. It is unfair, in my opinion, to hear that since 2000 weekly wages have only risen by 3% for the lowest ten percent of earners while for the highest ten percent has had a 15.7% increase. This proves the famous line many…
The article titled "How Wages Have Not Grown Much" speaks about an issue within the United States relating to inflation and worker's wages. In the beginning, we are presented with statistical evidence that shows that despite wages seemingly increasing since forty years ago, the purchasing power of the new wages is basically the same. This is alarming and it reveals just how difficult it can be to earn a comfortable living when wages do not keep up with the increase of prices over time. Even though unemployment has been lower compared to then and there are more jobs being opened than ever, wages and wage gaps are still an ever looming issue. In recent years there have been many strikes…
For my 4th TeachEcoKnowmics, I read an article about how wages have not been increasing in the past couple of decades. The most powerful statement I got from this article is that a wage of $4.03 in 1973 has the same purchasing power as $23.68 in 2018. I found it absurd that the standard of living has increased so much that an $18 increase in wages doesn’t influence how well someone can be. This means that people need to be earning a significant amount to keep up with the cost of living. Another interesting point this article makes is that when wages do increase, the top earners for the company get it instead of the mid to low level employees.…
This is my fifth blog assignment. I chose this particular article on “For most U.S. workers, real wages have barely budged in decades” by Drew DeSilver. The article talks about how over 40 years the U.S. despite low employment and a strong market the purchasing power seems to be the same as it was it was 40 years ago. We continue to hear that our economy goes up and down which affects our GDP. The cost-of-living adjustments are increases designed to offset inflation. The current COLA for 2023 is 8.7%, which means if your employer is going to give the adjustment that will increase the employee annual salary by $10,870 to account for inflation. Some employers don’t even consider …