The average worker might not be getting ripped off after all

If there is one idea that has made its way from ivory tower economists to the general public in recent years, it’s that the average worker has gotten short shrift in recent years.


Real wage growth figures can also be tricky. By many measures, like inflation adjusted hourly earnings, the median worker is worse off today than he was in the 1970s. But as Aaron McNay, an economist for the state of Montana, pointed out to the The Wall Street Journal, that changes significantly depending on what measure of inflation you use. When McNay measures real average weekly pay when looking at inflation as seen through personal consumption expenditure (how much households are spending), it turns out that average worker pay is at an all all-time high…

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