Comment Deleted

0

Why doesn’t that make sense?

1

Over the time span that your graph uses, the real GDP (which uses the same currency every year, 2024 dollars in 2024 and 2024 dollars equivalent in 1967) has gone up 500%. Why haven’t wages gone up that much also?

1

Comment Deleted

0

Yes. The nations economy has grown six fold OVER inflation. This graph only accounts for inflation, it doesn’t account for the fact that the US GDP grows faster than inflation, as we got stronger in international trade and overall productivity increased. Despite the country getting SIX TIMES richer than it was in the past, the vast majority of citizens have seen relatively little growth.

1

Comment Deleted

0

GDP is the total value of all goods and services produced by a nation. If a country had a gold backed dollar (ie no inflation) and in year 1 produced 100 products that were each worth $5 their GDP is $500, of in year 2 their production becomes more streamlined and they produce 120 products, their GDP is now $600. Their GDP increases even if inflation doesn’t.

1

Anonymous #4 6w

it plateaus and goes backwards for 2017-2020 yeesh

1

Comment Deleted

0

What metric lmao?

1

Comment Deleted

0

The only two metrics I’ve mentioned in this entire thread are income and real gdp. Please explain to me which one of those you think doesn’t exist

5

Comment Deleted

0

Let’s say 7% of people make $5,000 and total GDP for the year is 1 billion dollars, and that the population is 100,000. 7% of the population js 7,000 people, each making $5,000, is 35 million dollars, or around 3.5% of the years total GDP.

5

Comment Deleted

0

To represent how even though total compensation has gone up over time, it has not come close to keeping up with the rise in productivity.

5

Comment Deleted

0

Because one of the core tenets of capitalism is that it is supposed to reward harder and more efficient forms of work.

4

Comment Deleted

0

Because people work in AI fields and that growth wouldn’t exist without them. The GDP has only gone up because those people have worked for it.

6

If you remove the incentive to help your country and company grow, why would you feel the need to work hard? Why not just skate by and do the bare minimum even if that weakens your company and country?

5

Anonymous #1 6w

#2 is half right but also insufferable. GDP is a bad metric to use for a few reasons. For one, you’d only wanna look at the consumption part of GDP since investment, government spending, and net exports are irrelevant. Also, GDP is a metric of spending, which wouldn’t account for consumers saving money. GDP is also kinda a poor measurement in general bc it famously doesn’t consider social or class factors

1

Anonymous #5 6w

My overall point is just that the economy grows faster than inflation because productivity has increased over time, there’s not really any perfect metrics to measure that, GDP is the closest I could think of

1