Horrible squeeze on poor and lower middle class in USA over past 3 to 4 decades
[To open pic in higher resolution, right-click on pic followed by open in new tab/window. In new tab/window you may have to click on pic to zoom in.]
Since 1978, the cost of:
College tuition has increased by 1,120%
Medical care has increased by 601%
Food has increased by 244%
Shelter has gone up by 380%
Meanwhile the pay of:
Typical workers rose by just 10%
Minimum wage workers fell by 5.5%
Average CEOs increased by 937%
Sources: EPI, Bloomberg, US Labor department
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Ravi: That is unacceptable and, frankly, a dangerous situation for a society as people's frustrations may drive them to do crazy things. I hope and pray that the situation for the poor and lower middle class of the USA improves quickly and significantly.
Pic source: https://vault.myvzw.com/webcs/app/share/view/YX4lML6K1d?shareUid=5dc193212b6c45cebcbe106461dbbb2a.
Here's the Bloomberg chart for some of the above data: https://www.bloomberg.com/news/articles/2012-08-23/college-tuitions-1-120-percent-increase.
This has the data for CEO pay rise and worker pay rise: http://www.epi.org/publication/ceo-pay-has-grown-90-times-faster-than-typical-worker-pay-since-1978/.
So the data of the pic (except the minimum wage figure) is confirmed as being from EPI and Bloomberg, both of which seem to be reputed sources.
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