
The Myth of ‘Wage Stagnation’ - jkuria
https://www.wsj.com/articles/the-myth-of-wage-stagnation-11558126174
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ncmncm
A bigger house that costs more is not more useful to a person who just needs a
place to live.

Likewise, a car with power steering doesn't get you around faster than one
without. Since you can't buy a car without, you are worse off, particularly if
you can't afford the one with.

Same for most things. Fancier clothes are nice, but just not necessary.

This is especially pointed because income stagnation is not across the board;
the average has been going up at a relentless pace since 1950. It is just that
the extreme rich have taken all the increase, and left the rest of us to
wallow in the swamp.

This is not any kind of accident. It is a deleberate consequence of enacted
policies. Wages are kept just high enough not to trigger demand for change.

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draw_down
Focusing on products and consumer choice ignores the huge increases in cost of
two things that are actually important, housing and education. Doesn’t matter
if TVs are cheap when you can’t afford your rent.

