US Wages Finally Get Back to Where They Were in 1973 • Hacker News Board

Re: US Wages Finally Get Back to Where They Were in 1973

#91

Post by username90 » Sat, Apr 20, 2019, 6:59 AM UTC

bfrydl wrote: post #84

supersleepgrump wrote: post #79

I really think these numbers are antiquated, and with modern data science, a more robust picture of wages and employee compensation will emerge. The median salary only accounts for the top 30% of Americans, and almost every job that pays more than $23/hr requires a college degree, not to mention that training / education / certification is financed through families and individuals, increasing their debt burden, which…

> The median salary only accounts for the top 30% of Americans I'm not a mathematician but this doesn't sound right to me.

It can be true if median salary only counts people with a job.

Re: US Wages Finally Get Back to Where They Were in 1973

#92

Post by A2017U1 » Sat, Apr 20, 2019, 9:01 AM UTC

avengersunite wrote: post #51

US economy is at an amazing position currently. Even though it has a smaller share of the global economy than 1960s (40% then vs 22% now), the 60s was an anomaly as most of Europe and Asia's economies were decimated from the war - the jump in worldwide prosperity is a lot better for the human species. US economy is the biggest in the world, twice as big as the next country, and 5 times bigger than Japan, and 6 times…

> US economy is the biggest in the world, twice as big as the next country, and 5 times bigger than Japan

Nominally yes, but PPP is generally more apt.

> GDP comparisons using PPP are arguably more useful than those using nominal GDP when assessing a nation's domestic market because PPP takes into account the relative cost of local goods, services and inflation rates of the country, rather than using international market exchange rates which may distort the real differences in per capita income.

https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)

Re: US Wages Finally Get Back to Where They Were in 1973

#93

Post by [deleted] » Sat, Apr 20, 2019, 1:18 PM UTC

NoblePublius wrote: post #44

basetop wrote: post #16

Earlier quoted context omitted.

Using that logic, a homeless person with a casio watch is better off than Charlemagne. We should be comparing now with now. And most importantly, we should be comparing wealth inequality because wealth translates directly to power and wealth inequality means power inequality. Nobody is competing against anyone from 1973 or 1873. We are competing against people today. And the accumulation of wealth and power by a smal…

The homeless person is better off than Charlemagne

[deleted]