General Discussion
In reply to the discussion: So Manny... why are you so pissed off all the time? Things are actually pretty good. [View all]Autumn
(49,033 posts)From the article,
"But there is a big difference between nominal dollars (the red line) and real dollars (the blue line), that is, inflation-adjusted dollars. We all know from personal experience that a 2001 dollar is not worth the same as a 2014 dollar. There's considerable dispute over exactly how inflation should be calculated, but even using the Consumer Price Index, which some critics say underestimates the true inflationary increase, the damage can be seen. Median annual inflation-adjusted income is 6.8 percent lowerabout $3,892than it was in January 2008. Not chicken feed unless you're a one-percenter.
We know why. Fewer people are working. On average, those who are working, even if they are employed at quite similar jobs as they were before the recession clobbered them, are getting paid less. (Their benefits are lower, too, but that's a chart for another day.)"
Try reading this post
http://www.democraticunderground.com/10024778085#post81