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1 sat \ 2 replies \ @_stacktoshi 17 Oct \ on: What happened in 1971? Nothing, just a common year people choose to mismeasure econ
Obviously the productivity gains go somewhere. This guy totally leaves out the fact that they’re skewed to the upper end of income earners starting in the early 1970s, which is actually outlined in an article he subsequently provides:
https://www.aei.org/research-products/report/understanding-trends-in-worker-pay-over-the-past-50-years/
  • The pay of the median worker, however, after rising with economy-wide productivity, has risen much more slowly since the early 1970s.
If it’s slow for the median worker, it’s slower for everyone under him. For someone trying to correct a “misleading” website, he sure knows how to post misleading posts on X!
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3 sats \ 1 reply \ @tomlaies OP 17 Oct
Which didn't happen in 1971. That happened in the whole time period. At least 2 decades. At least.
The difference between "it happened in 1971" vs "it's a continuous trend over several decades" isn't a small difference. That's the difference between an orchestrated event and an organic trend.
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0 sats \ 0 replies \ @_stacktoshi 17 Oct
Okay, which chart shows that? Why did he link to an article that pinpoints the median diverging in the early 70s?
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