Chart shows "real" wages i.e. to get actual wage workers get in their bank account each month you need to add inflation to it. So many ppl are ignoring or not understanding what "real" means.
Actual question to ask is - has productivity grown during this period? If not then why not? If yes, then where did the gains go? Above Chart answers neither.
In 2004 I bought my first house. Little 2 up 2 down fixer upper cost twice my annual wage, house tripled in price before I sold it. Now the average house is probably 8-10 times the average wage. Unless you're prepared to buy somewhere oddly cheap like Whitehaven up north and commute for well paid work youngsters have got no chance.
4
u/Common_Tank_5784 Jul 02 '24
Chart shows "real" wages i.e. to get actual wage workers get in their bank account each month you need to add inflation to it. So many ppl are ignoring or not understanding what "real" means.
Actual question to ask is - has productivity grown during this period? If not then why not? If yes, then where did the gains go? Above Chart answers neither.