It is covering it, for workers on average. Your employer is stiffing you compared to the rest of the economy then if you didn’t also get 20% of a raise compared to your salary in 2019.
Real wages in October 2019 (normalized to 1982-1984 dollars) were $10.95/hr on average in October 2019. In October 2023 (again normalized to 1982-1984 dollars) they were $11.05/hr (which is $34/hr in current dollars). So as we stand in October the inflation from 2019 to now has been fully compensated for in wages with a little bit of an increase in real dollars. Wages have been growing faster than inflation since January 2023. Hopefully that will continue as labor remains in high demand and unions continue to make gains. Union gains even help non unionized individuals in their industries whose employers also will have to give pay raises to remain competitive with union jobs.
Not saying even more couldn’t be done to combat things like income inequality and poverty and many other issues, things weren’t exactly perfect in 2019 either. Just frustrated by the current media narratives casting hyperbolic doom and gloom in the economy and the potential of that narrative to send trump back into the white house.
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Considering cost of living went up 20%, that’s not really covering it. I got a “double digit” raise, but I’m not making 20% more than 2019.
It is covering it, for workers on average. Your employer is stiffing you compared to the rest of the economy then if you didn’t also get 20% of a raise compared to your salary in 2019.
Real wages in October 2019 (normalized to 1982-1984 dollars) were $10.95/hr on average in October 2019. In October 2023 (again normalized to 1982-1984 dollars) they were $11.05/hr (which is $34/hr in current dollars). So as we stand in October the inflation from 2019 to now has been fully compensated for in wages with a little bit of an increase in real dollars. Wages have been growing faster than inflation since January 2023. Hopefully that will continue as labor remains in high demand and unions continue to make gains. Union gains even help non unionized individuals in their industries whose employers also will have to give pay raises to remain competitive with union jobs.
Not saying even more couldn’t be done to combat things like income inequality and poverty and many other issues, things weren’t exactly perfect in 2019 either. Just frustrated by the current media narratives casting hyperbolic doom and gloom in the economy and the potential of that narrative to send trump back into the white house.
Sources: 2019 BLS report
2023 BLS report
Wage growth vs inflation 2020-2023
I can’t find my job in my area for the amount of money it should be. So… those graphs aren’t reality here. 🤷♂️