My mistake, thanks for the correction. It's still going up.
The claims that wages have not risen are based entirely on cherry-picked data, carefully choosing endpoints, and ignoring non-wage compensation as well as the fact that CPI wildly overstates inflation in the long run [1].
Also, the graph I provided is industrial production, which is going up. You might be right that capacity grew faster than production (cite?), but production has also gone up.
[1] See, e.g. Boskin commission, the lack of hedonic adjustments in healthcare, and the variable basket of goods used in chained CPI which prevents it from actually being a long term inflation measure. (I.e., inflation from 1970->2015 should only include goods invented in 1970, but chained CPI adds new goods yearly in order to accurately measure 1983->1984 inflation.)
https://research.stlouisfed.org/fred2/series/COMPRNFB
My mistake, thanks for the correction. It's still going up.
The claims that wages have not risen are based entirely on cherry-picked data, carefully choosing endpoints, and ignoring non-wage compensation as well as the fact that CPI wildly overstates inflation in the long run [1].
Also, the graph I provided is industrial production, which is going up. You might be right that capacity grew faster than production (cite?), but production has also gone up.
[1] See, e.g. Boskin commission, the lack of hedonic adjustments in healthcare, and the variable basket of goods used in chained CPI which prevents it from actually being a long term inflation measure. (I.e., inflation from 1970->2015 should only include goods invented in 1970, but chained CPI adds new goods yearly in order to accurately measure 1983->1984 inflation.)