I began writing this post the morning of Wednesday November 6th 2024 — the morning after the US election, where Donald Trump won a reasonably close yet nonetheless resounding victory over Kamala Harris.
Why is the pandemic stimulus "less the fault of Biden" than other things? There were two stimuluses. One passed under Trump, which was arguably defensible, and one completely unnecessarily stimulus once Biden took office. That was passed just to show he was "doing something" about the pandemic too. If anything, this analysis shows Biden deserves a lot of blame.
Great post. Thanks! I suppose one further consideration is the distribution of inflation by income. My impression is that there isn't much data on the inflation distribution. But it is plausible that different income percentiles are experiencing different inflation rates due to the different mix of goods and services consumed.
Great post. Very informative and eye opening about how people are afffected by inflation.
However I must admit my confusion about section 1 in particular. The data just seems a bit weird to me. I struggle to see how the wage increases seen in the real hour wage change per presidential term graph are comaptible with the Tesdechi real weekly wages growth graph. Did the hours worked per week really fall enough so that the increase in real wages was so offset for the higher percentile earners? A similar question can be asked about how the tasdechi graph is comaptible with the 0.6% median change in weekly earnings obseved during bidens term seen in he first graph of section 2. If the median change in weekly wages was positive over the term, would'nt it be expected for real weekly incomes to have grown over bidens presidency?
Im also confused by the real pre tax income graph for similar reasons. Real hourly wages grew, so how is it possible that real pre tax incomes (whcih as you said are primarily from wages) increased so little. And on a separate note, how is it possible real household incomes grew while male incomes collapsed? especially considering female household incomes do not appear to have compensated. In my mind this can only really be explained if there were a lot of female only households
Why is the pandemic stimulus "less the fault of Biden" than other things? There were two stimuluses. One passed under Trump, which was arguably defensible, and one completely unnecessarily stimulus once Biden took office. That was passed just to show he was "doing something" about the pandemic too. If anything, this analysis shows Biden deserves a lot of blame.
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Great post. Thanks! I suppose one further consideration is the distribution of inflation by income. My impression is that there isn't much data on the inflation distribution. But it is plausible that different income percentiles are experiencing different inflation rates due to the different mix of goods and services consumed.
Great post. Very informative and eye opening about how people are afffected by inflation.
However I must admit my confusion about section 1 in particular. The data just seems a bit weird to me. I struggle to see how the wage increases seen in the real hour wage change per presidential term graph are comaptible with the Tesdechi real weekly wages growth graph. Did the hours worked per week really fall enough so that the increase in real wages was so offset for the higher percentile earners? A similar question can be asked about how the tasdechi graph is comaptible with the 0.6% median change in weekly earnings obseved during bidens term seen in he first graph of section 2. If the median change in weekly wages was positive over the term, would'nt it be expected for real weekly incomes to have grown over bidens presidency?
Im also confused by the real pre tax income graph for similar reasons. Real hourly wages grew, so how is it possible that real pre tax incomes (whcih as you said are primarily from wages) increased so little. And on a separate note, how is it possible real household incomes grew while male incomes collapsed? especially considering female household incomes do not appear to have compensated. In my mind this can only really be explained if there were a lot of female only households
Regardless appreciate the post
Really useful post, thank you!