Sharp and sustained economic criticism from Biden's ostensible allies established a narrative of failure that has proved alarmingly resistant to reality.
Why do you want to use household / family income instead of individual income? Median personal income in constant dollars is independent of any confounding factors and doesn’t show the same drop; it shows no change at all.
And yes, I could see this being consistent with what I was talking about. I actually already sent you data points (the link text is “fell by 5%”) showing the 10th, 50th (i.e. median), and 90th percentiles, which showed -1% change in real income at the 50th percentile. The census bureau numbers show +0.01% instead at the 50th percentile, but pretty similar.
All of that is consistent with a boost for the lowest earners, which is what I’ve been saying this entire time. “Most of that growth happened at the lowest-wage end of the scale” is how I phrased it.
Because until that data says IRS, it’s far easier to collect household income, and far more applicable to things like rent and grocery costs. It doesn’t matter if one person’s income goes up, if the household income has gone down.
Why do you want to use household / family income instead of individual income? Median personal income in constant dollars is independent of any confounding factors and doesn’t show the same drop; it shows no change at all.
And yes, I could see this being consistent with what I was talking about. I actually already sent you data points (the link text is “fell by 5%”) showing the 10th, 50th (i.e. median), and 90th percentiles, which showed -1% change in real income at the 50th percentile. The census bureau numbers show +0.01% instead at the 50th percentile, but pretty similar.
All of that is consistent with a boost for the lowest earners, which is what I’ve been saying this entire time. “Most of that growth happened at the lowest-wage end of the scale” is how I phrased it.
Because until that data says IRS, it’s far easier to collect household income, and far more applicable to things like rent and grocery costs. It doesn’t matter if one person’s income goes up, if the household income has gone down.
…
I’m comfortable ending the conversation here