Which is why the use of things like median (not mean) income is important. The poll shows most people misperceiving what is happening with median income.
How can I misperceive that I’m paying far more for my groceries than I was two years ago while my income has risen at a slower rate than inflation? And don’t tell me it didn’t unless you are going to to claim inflation across each of the last two years was less than 3.5%. https://www.usinflationcalculator.com/inflation/current-inflation-rates/
My power company has jacked its rates by double digit percent, and seemingly every single service of any kind we use has jacked up their prices also.
And what about shrinkflation which is seemingly everywhere these days with regard to consumer products?
If the problem is that I’m too ignorant to distinguish between inflation and corporate greed - fine. We’ve got a problem and it needs to be solved.
That’s just great for folks to look at lines on a chart and tell us all that the economy is doing great. Anyone I know who wasn’t already making enough money to sock plenty into savings is hurting right now, and telling us we’re wrong doesn’t change that.
So with statistics and numbers it can really hide the individuals experience and situation. Let’s just say you make around 50k that is over median income and you were doing better than others for last 5 years or whatever.
Well if extremely rich people get more money and more people make it big and the people under you make huge strives of making more than things are “better”. Income wise. But if your wage stagnated and everything became more expensive then your experience is worse even if you are still above median at 50k.
What this article really fails to do is marry increasing wages with cost if living. Let’s not even talk about how certain parts of America is worse too
Which is why the use of things like median (not mean) income is important. The poll shows most people misperceiving what is happening with median income.
How can I misperceive that I’m paying far more for my groceries than I was two years ago while my income has risen at a slower rate than inflation? And don’t tell me it didn’t unless you are going to to claim inflation across each of the last two years was less than 3.5%. https://www.usinflationcalculator.com/inflation/current-inflation-rates/
My power company has jacked its rates by double digit percent, and seemingly every single service of any kind we use has jacked up their prices also.
And what about shrinkflation which is seemingly everywhere these days with regard to consumer products?
https://www.businessinsider.com/shrinkflation-grocery-stores-pringles-cereal-candy-bars-chocolate-toilet-paper-cadbury-2021-7?op=1
https://www.cbsnews.com/news/inflation-households-need-extra-11400-these-states-its-even-higher/
If the problem is that I’m too ignorant to distinguish between inflation and corporate greed - fine. We’ve got a problem and it needs to be solved.
That’s just great for folks to look at lines on a chart and tell us all that the economy is doing great. Anyone I know who wasn’t already making enough money to sock plenty into savings is hurting right now, and telling us we’re wrong doesn’t change that.
yOu JuSt DoNt UnDeRsTaNd
So with statistics and numbers it can really hide the individuals experience and situation. Let’s just say you make around 50k that is over median income and you were doing better than others for last 5 years or whatever.
Well if extremely rich people get more money and more people make it big and the people under you make huge strives of making more than things are “better”. Income wise. But if your wage stagnated and everything became more expensive then your experience is worse even if you are still above median at 50k.
What this article really fails to do is marry increasing wages with cost if living. Let’s not even talk about how certain parts of America is worse too