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Explaining the inflation rate (lemmy.world)

submitted 1 month ago by The_Picard_Maneuver@lemmy.world to c/whitepeopletwitter@sh.itjust.works

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[-] Ilandar@aussie.zone 4 points 4 weeks ago

In the US, average hourly wages have increased more since 2019 than consumer prices. But as always, focusing on averages overlooks the impact on the lowest paid workers and anyone relying on social welfare payments. These are the areas where income often falls behind prices and it's why many people still feel like things are getting worse despite the grandstanding from governments about how great their economic management is.

[-] hperrin@lemmy.world 9 points 4 weeks ago

I would argue that averages actually don’t mean dog shit, and that they’re only used to pit the proletariat against each other. There is an absolute minimum someone can make, but there is not absolute maximum. At least not yet.