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this post was submitted on 12 May 2024
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I did read my sources, because when I said we beat inflation, that's what my source says
Good news, we had more than a decade of growing wages (the COVID spike is due to compositional effects)
A. You don't know how medians work. In a set of [1,1,1,1,5,8,9,9,9] 5 is the median. But you wouldn't say that's representative of the average worker. You're looking for the mode. Which would be 1 in that data set.
B. .8 percent is not the hot news you're looking for.
5 is more representative than the mode, since it does show that about half make more and half made less
1 is ignoring the rest of the data completely
If this was a representative sample the ones would have rebelled already. This is a teaching example.
Not really, if the 1 is $100,000, should they feel worse than the $500,000 and above?
The 1 is not 100,000 and you know it.
Yes, but my point is not everyone should be equal, everyone should have enough money to live
Those are very different goals
Did I say we should make everyone live on the exact same income?
For giggles though if we distributed our GDP equally it would be about 106,000 after the government budget is taken out. And that's without accounting for not having to pay Medicaid/SSI/SSDI/etc... anymore.