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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 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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