So the past few years I have always been reading two contradicting things. You either hear that the economy is doing great with unprecedented growth and an all time low unemployment rate, or you hear that the economy is doing really badly for the average person and people can barely make ends meet. So as someone who isn't in finance or isn't a math buff can someone explain to me if my simple reasoning here is wrong?
So I tried to find a graph showing what the median income is between now and 1970, then I looked at what the purchasing power is of a dollar between now and 1970 and I found this. Let me know if I am crazy but doesn't this show that on average people earn pretty much the same as they did back in the 1970's but what they can purchase with that money is 6x less than what they did back then? This isn't even up to date with the last few years which have made things only worse in terms of purchasing power.
How is this not talked about more if it's true?
