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[quote=Anonymous][quote=Anonymous]Real median income [annualized growth]

1980-2007 average per year: 1.3%
2008-2019 average in per year: 1%
2022-2023 average per year : -0.2% 
[/quote]

This is growth rates for median household income computed by CBO using the Consumer Price Index (CPI). Households have shrunken, and it is unfair to compare median income for singles and couples with families full of kids.

Also, the Consumer Price Index (CPI) overstates inflation relative to better indices based on Personal Consumption Expenditures (PCE).

While 1.3% seems small, compounding it over 26 years gives a 40% increase!  We didn't have cell phones, airbags, antilock brakes, or internet back in 1980.  If you wanted porn, you have to buy a nudie magazine at the convenience store.  And if you wanted video games, you had to take a sack of quarters to the arcade.  Now you can play Call of Duty from you home with cyber-friends around the world.

Ignore short-term results such as a post-Covid recession.

The biggest changes has been high growth for top households.  So the rich have gotten richer faster than the poor have gotten richer.  But everybody has gotten richer.[/quote]

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