Janet Yellen warns high prices could be here to stay

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[–]SaltyTexan 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

Yes, when inflation takes place, there's usually a lag before wages rise to meet the new value of a dollar.

Except it hasn't in the last 30+ years. How long do we have to wait for it to "catch up" to us.

Wages have been stagnant since the mid 70's. It's now 2024, you do the math.

"They" are the people who are controlling the wages, which would be corporations. If they can force people to work for less so they get to keep more, what do you think they would do?

[–]Hematomato 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

It's happened repeatedly over the last 30+ years.

Wages have been stagnant since the mid 70's.

In 1975, the average family income was $11,800, and the minimum wage was $2.10. Today, it's six times higher than that. Wages are objectively six times higher than they were in the mid-70s.

I assume you're going to protest "But you didn't adjust for inflation!" But that's exactly my point. You aren't adjusting for inflation. Money is worth six times less than it was in 1975, and wages are six times higher. They catch up. And the cycle continues.