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The vibe-cession is real and the statistics are lying.
The true working class is those in their 20s and 30s, and they don't have houses. They are the ones complaining. Those in their 20-30s are the vibes. This has always been true. When people complain about the plight of an era, they are talking about those who are trying to setup the foundations for life as an adult. Not those who have been at it for decades.
First, Post-covid inflation and job growth were localized phenomenon. Housing prices are down in downtown-cores and rural areas. But, there are no jobs in rural areas and downtown cores are zombie-towns no one wants to live in. Elsewhere, Housing shot up in 50-100% over covid and it never came down. So even if average salaries have gone up and average inflation has stayed within range....... the localized inflation & job growth taken together might not paint as rosy of a picture. (as an aside, If I had sudden windfall, I would spend some time doing pro-bono work on improving economic metrics. How is economics stuck with such crude metrics in 2023)
Second, a bonus is a bonus and a promotion is a promotion. That's not supposed to be natural wage growth. (or so people think). In the run-up to Covid, a lot of people were getting huge bonuses and promos. This led to people thinking they have worked themselves out of the middle class. So, they spent like it, they lived like it and the ensuing whiplash was huge. The people who got swift career growth in the late 2010s, are now realizing that all those gains have been for naught. At the same time, they are stuck with higher responsibilities and the insane hours that come with the promise of a promotion or a bonus. Now yes, their wages have kept up with inflation, so things look all good. But, to them, it feels like they had been cheated out of a better life.
Even the big-mac index becomes a bad measure when 70s McDonalds is unrecognizable from the disgusting place that it has become today. Portion sizes are smaller, fast food tastes a lot worse and everyone working there sounds so much more miserable. Inflation measured in isolation tells you nothing about the ground reality. It's like statistics that go : "The average American is a millionaire".
The average American is a millionaire, but 57% have less than $1,000 in a Savings account.
Lies, damn lies, and statistics.
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