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Americans can no longer afford a summer vacation
(www.newsweek.com)
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this post was submitted on 07 Jul 2024
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I think you were being downvoted because while you may be technically correct, that means little to the daily life of your average person.
The last time I saw data on wages (pre COVID, so sometime between 2015 and 2019), when adjusted for inflation, wages for the average worker had actually dropped about 5% since then. Add to that that prices have increased faster than inflation across the board, even before COVID, and people are losing money simply keeping afloat. The price of a taco at Taco Bell is now twice what it cost in the 90s when adjusted for inflation. College tuition is up something like 1,500% since the 70s (thanks, Reagan). Something like 60% of houses are considered unaffordable to the average American today, compared to 30% roughly 20 years ago.
All this means that purchasing power has dropped, but "purchasing power" and "earnings" means absolutely nothing to people. The number in their bank account dropping instead of going up matters. The fact that people can't get a mortgage for a house even though the rent they currently pay is more expensive matters. The fact that people have to take on debt to afford essentials is what matters. To the average person, any of that is a clear sign that they're losing money.