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In reply to the discussion: (Poll) Are you better off now than 4 years ago? pre-Covid [View all]Johnny2X2X
(21,965 posts)39. More good data in the internals regarding low income workers
Throughout this era of robust wage growth, the biggest gains have been at the bottom of the pay scale. Even during the worst of inflation, low wage workers were seeing wage gains well in excess of inflation. When inlfation was 8 and 9%, low wage workers were seeing 10-12% wage growth. That's pretty remarkable in the US and not the usual. The floor has been effectively raised.
I think what you saw is a lot of entry level positions that were paying $12 and $13 an hour go to $17 and $18 an hour. Depending on the area, the new floor moved up significantly. People weren't willing to wash dishes for $12 an hour anymore at a restaurant when there was a warehouse job paying $17.50 an hour across town.
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Everyone I know is way better off now than before 2020. Higher income, better jobs. Heck my youngest is graduating
MenloParque
Mar 2024
#16
i have made more money, , saved more money and spent more on luxury expenses than the previous 4
MistakenLamb
Mar 2024
#29
Anecdotally, I have been trying to hire people to remodel my home, with no luck.
Midnight Writer
Mar 2024
#36