Interesting. OK – that lie in Project 2025 that real median income fell by $6000 a year is attributable to something EJ Antoni wrote. I read Antoni’s little piece and as usual his sourcing for this claim was sort of nonexistent. Good to know that a reliable series shows what an incredible lie this was. And yet Team Trump continues to repeat that lie.
This troll lies over and over in a hit piece where this fake PhD claims Biden lied. Pathetic. Here’s the lie I mentioned:
‘Adjusting those earnings for inflation, called real earnings, shows that people can buy less today than when Biden took office. The average family has seen real annual earnings fall about $6,000 under Biden, while higher interest rates have increased borrowing costs another $1,400. That means a family effectively can buy $7,400 less today than it could in January 2021.’
Readers of the blog probably still remember when JohnH used to abuse January 2021 as the starting date for his claim real wages were falling. Interesting that this period was not exactly reliable due to low response rates. Let’s hope future research keeps this caveat in mind. We know fake Ph.D.s from Heritage will not.
That is exactly why real economists, like Menzie, give you graphs with data from a decade or more. You need to see the trend and potential outliers. Any idiot (yes even our local jester) can cherry-pick a starting date at the previous minimum (or maximum) then claim that the parameter has decreased (or increased). But that is “trying to fit the data to a narrative”. Real experts use the data to create an understanding (narrative) of the world.
I really like this graph and these thoughts. Reminds me of our good friend Torsten Slok, some observation he might make. Can I say that after two cans of alcohol…….??. Waits to see if Menzie posts this…….
Interesting. OK – that lie in Project 2025 that real median income fell by $6000 a year is attributable to something EJ Antoni wrote. I read Antoni’s little piece and as usual his sourcing for this claim was sort of nonexistent. Good to know that a reliable series shows what an incredible lie this was. And yet Team Trump continues to repeat that lie.
https://www.heritage.org/markets-and-finance/commentary/biden-keeps-making-claims-about-the-economy-just-arent-true-these
Biden Keeps Making Claims About the Economy That Just Aren’t True. These Facts Don’t Lie
EJ Antoni Feb. 8,2023
This troll lies over and over in a hit piece where this fake PhD claims Biden lied. Pathetic. Here’s the lie I mentioned:
‘Adjusting those earnings for inflation, called real earnings, shows that people can buy less today than when Biden took office. The average family has seen real annual earnings fall about $6,000 under Biden, while higher interest rates have increased borrowing costs another $1,400. That means a family effectively can buy $7,400 less today than it could in January 2021.’
Readers of the blog probably still remember when JohnH used to abuse January 2021 as the starting date for his claim real wages were falling. Interesting that this period was not exactly reliable due to low response rates. Let’s hope future research keeps this caveat in mind. We know fake Ph.D.s from Heritage will not.
That is exactly why real economists, like Menzie, give you graphs with data from a decade or more. You need to see the trend and potential outliers. Any idiot (yes even our local jester) can cherry-pick a starting date at the previous minimum (or maximum) then claim that the parameter has decreased (or increased). But that is “trying to fit the data to a narrative”. Real experts use the data to create an understanding (narrative) of the world.
https://motioresearch.com/household-income-series/
Monthly Series of U.S. Household Income Data
In case anyone was wondering!
I really like this graph and these thoughts. Reminds me of our good friend Torsten Slok, some observation he might make. Can I say that after two cans of alcohol…….??. Waits to see if Menzie posts this…….