Robert Reich - Today’s hourly wage, adjusted for inflation, has less purchasing power than it did 40 years ago. In fact, adjusted for inflation, the average hourly wage in January 1973 would be $23.68 today. Yet today's actual average hourly wage is $22.73.
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When I read about wages adjusted for inflation over the past 40 years, there is usually some comment given to how much health care, college, and housing has increased. What confounds me, is there is rarely a mention of all the new costs that come with our technology addicted culture that seem to be left out when wage and inflation and making ends meet are being discussed. Sure healthcare, housing and college have skyrocketed, but why isn't there a comparison to what having a cell phone costs now to what a landline phone cost in the early 1980s, and how that cost has skyrocketed. Internet service didn't even exist 40 years ago, and now it costs plenty, if you don't have free local wi-fi. In most parts of the country it's hard to get and keep a job without a cell phone and internet access. This is a massive expense increase in what might be called "utility bills" that goes beyond basic inflation on water, power, and traditional services. I would really appreciate seeing a wage/cost of living comparison over the last 40 years that takes into account all the new bills and fees that have evolved with new technology. I suspect the wage picture would be considerably worse then the one the usual comparisons come up with.
Please fix the link.
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