as Biden is likely to win and the bragging of socialist postulates will begin, I would like to quote the statement by economist Gregory Benedyk from the Mises Institute about the false plot of the difference between wages and productivity. it is a hideous manipulation that I have encountered many times here.
"There are some problems with these statistics. For example, only the cash portion of the wage is assessed, and the non-cash portion of the salary, such as medical insurance or any other perks, is not included. If we take that into account, the crossover that is on the graph decreases In addition, someone wise noticed that these are data from 40 years and they still have to be divided by inflation somehow, and it was noticed that some data are divided by the GDP refactor, and the other by CPI inflation. These are two different indicators. inflation indicators, more relevant to the GDP refactor, are from 90 or 100% of the crossover, which allegedly happened over 40 years in the United States, this crossover is reduced to 9%. In addition, the productivity statistics are slightly stretched, giving GDP divided into the number of hours worked in the economy, while the theory is that wages do not depend on average productivity, but marginal productivity. The employer pays the employer you but, how much income is he able to get from his work minus the interest rate and possibly some risk premium.
Never believe blindly socialist bigots. Educate yourselves and do not be tricked.
(in polish)
https://www.youtube.com/watch?v=NNMmfuG6_A8&feature=emb_title
"There are some problems with these statistics. For example, only the cash portion of the wage is assessed, and the non-cash portion of the salary, such as medical insurance or any other perks, is not included. If we take that into account, the crossover that is on the graph decreases In addition, someone wise noticed that these are data from 40 years and they still have to be divided by inflation somehow, and it was noticed that some data are divided by the GDP refactor, and the other by CPI inflation. These are two different indicators. inflation indicators, more relevant to the GDP refactor, are from 90 or 100% of the crossover, which allegedly happened over 40 years in the United States, this crossover is reduced to 9%. In addition, the productivity statistics are slightly stretched, giving GDP divided into the number of hours worked in the economy, while the theory is that wages do not depend on average productivity, but marginal productivity. The employer pays the employer you but, how much income is he able to get from his work minus the interest rate and possibly some risk premium.
Never believe blindly socialist bigots. Educate yourselves and do not be tricked.
(in polish)
https://www.youtube.com/watch?v=NNMmfuG6_A8&feature=emb_title
