I dont think this graph demonstrates what you think it does. Household income is up, but individual income is down, by the same source: https://fred.stlouisfed.org/series/MEPAINUSA672N
This would imply that income is down (especially factoring ever present inflation), but households have grown.
> Inflation is over and done with. We even fixed income inequality; it's sharply reduced since 2019:
The Unexpected Compression study is about a specific subset of wages (low), not income. These are different things, even in broad definitions. Inflation is not solved. It continues to be leveraged and has a lasting effect.
> So I think you should consider those people are lying.
Indeed it's down a bit. The reason I didn't link it is that I think household income matters more than personal income, because it's more relevant to paying for the big expenses like the household itself, but it depends how people share expenses.
I think the flat "median personal income" has to do with the baby boomers hitting retirement age and leaving their jobs, but not really sure. It doesn't help that both median income charts end in 2023.
> These are different things, even in broad definitions.
In a high unemployment period they'd be different, but since we have historically low unemployment they're close.
It's okay. Very unstable around 2021, flat but better than 2019 since then. Could certainly be better.
I think it could be improved if we'd kept some of the welfare improvements from 2020 (namely child tax credit expansion), but highly engaged people got distracted advocating for student loan relief since then, and voters are never really into welfare programs even when they're the ones getting it.
> I believe that they are ignorant first.
Thus "consider" ;)
I do think people mainly answer that kind of survey based on what they hear in the news; they're not that selfish and want to seem a little savvy, so if you're asked "is the economy bad" you're going to answer with what you're hearing from everyone else even if you just went on a nice vacation.
Households introduce a lot of variables, especially marriage. In some studies it has been shown you seek higher income opportunities than you might individually.[0] This would be my assumption, at least.
I dont think this graph demonstrates what you think it does. Household income is up, but individual income is down, by the same source: https://fred.stlouisfed.org/series/MEPAINUSA672N This would imply that income is down (especially factoring ever present inflation), but households have grown.
> Inflation is over and done with. We even fixed income inequality; it's sharply reduced since 2019:
The Unexpected Compression study is about a specific subset of wages (low), not income. These are different things, even in broad definitions. Inflation is not solved. It continues to be leveraged and has a lasting effect.
> So I think you should consider those people are lying.
I believe that they are ignorant first.