The average man is worse off today than he was in 1970

Bonner & Parners/Bill Bonner/9-27-2019

Alfred E Nueman in front of black board showing 2+2=5“First, let’s square up the numbers. Pooley and Tupy say the typical working stiff has to put in 30% more hours to get the typical F-150. Our figures show more like 100%. We agree on the prices for the F-150. We agree on the average wage in 1970. But what typical wage earner takes home $32.50 an hour today? Pooley must be adding non-dollar ‘benefits’ to wages, just as he is to products.”

USAGOLD note:  This is not just a foray into why the average Joe is worse off today than he was in 1970.  It is also a study in how economic statistics can be warped to suit the political agenda of the analyst.  Bonner, as he oftens does, brings clarity to the numbers.

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