Why did they switch from median to average for healthcare?
this post was submitted on 30 Dec 2024
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Why isn't he using inflation-adjusted figures for 1971?
Why isn't he comparing the cost per square foot of houses instead, since the average house today is much, much larger than the average house in 1971?
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(2 replies)
Doesn't the quotes just ruin his whole thing? You either say "so much for progress" or something like "thanks for the 'progress'". 'So much for "progress" ' feels like a double negative
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(1 replies)
The wealthy are much better off though. If you looked at the wage increase of the top 1%, if has risen by $800,000 a year (https://www.commondreams.org/news/2019/12/09/staggering-new-data-shows-income-top-1-has-grown-100-times-faster-bottom-50-1970) since 1970.
So capitalism is working exactly the way it is supposed to. Exploiting the middle and lower classes for the rich. This is exactly the progress they want.
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(10 replies)
But somehow people are mad at queer folks and foreigners instead of the C-suite and their boards.
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(3 replies)
But… I stopped going to Starbucks and quit buying Avocado toast? Can I buy a house yet?
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(3 replies)
Important to note here the important difference between "mean", aka the average, and "median", the middle number in a set. Assuming Krueger intentionally used "median", the situation is actually worse than people realize.
The average can be affected by large outliers - like billionaires. IF the "average" American makes $50,000 a year, the median could actually be more like $30,000 (totally made up numbers, as an example).
In other words, the median is the more "accurate" number to use in these comparisons because the income of the extremely wealthy has less of an impact on the result.
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(6 replies)