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Tuesday, February 25, 2020

Morning Brew: A Year Of Wages No Longer Covers A Year Of Family Expenses

A graph of annual household expenditures for a family of four vs. median male income, 1985-2018
We know you're wondering: The researchers say they focused on men’s wages because empirical research has identified the "unique importance of work" to men's well-being and family stability. 
  • Whether we should focus on men being able to provide for their families is outside the paper's scope, the researchers say. The point is...men could and now they cannot. 
Bottom line: Price increases as measured by inflation don't take into account real-life economic realities. That's led to a discrepancy between an economist’s view of the economy and the typical American family's. 

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