Impossible to tell. You falsely equate GDP with Wages and Salaries.

“Equate” is the wrong word, as it implies 100% correlation (R=100). Obviously, that’s not true. However, “impossible to tell” implies no correlation at all between productivity growth and wage (R=0). Obviously THAT’s not true, either, as a quick eyeball of the data shows.

GDP per capita is measure of productivity, and productivity for a given job is indeed correlated with wage; the level of that correlation varies between job classification, and wage can be a bit of a trailing indicator as well. So, you have to do the math.

Ergo, if GDP is rising between two points in time, we can be assured that wage/salaries are rising as well. Linear? No. Time displacement? Probably. But uncorrelated? Untrue.

And, in fact, this is what we’ve seen. Articles like this started appearing late 2017, and have continued throughout 2018. This article from Feb of this year:

And this one from Sept:

https://washingtonpost.com/business/2018/09/07/wages-are-finally-rising-more-recovery-might-be-entering-new-phase/?utm_term=.c3ed94b9a2fc

They are only part of GDP and is around 30% in most industries (depending on how labour intensive it is).

Oh. Well, so you really didn’t mean it when you said “impossible to tell”. We were actually agreeing, just quibbling about the extent of the correlation.

Worth noting that Obama took office just as a massive crisis (second largest in US history) was peaking and as a result the slow recovery may have afforded him far less opportunities as opposed to the heated economy we have for the past few years.

Hm. 2nd largest, debatable. Some would suggest the stagflation near-decade of the 70’s, that combined high unemployment with high inflation. But let’s not digress.

The trends are incomparable to Roosevelt times. You see the same pattern in other countries. Roosevelts increase in economic growth mainly came from having the rest of the world bombing the shit out of eachother and US selling them everything afterwards.

Eh. Forget FDR then. Obama doesn’t compare well to any POTUS listed. No mean reversion.

>I am unaware of any country on the planet where a person can be permanently unemployed and have a fulfilling life.

Depends on what you consider fulfilling life. Plenty of people on wellfare consider their lives to be fulfilling.

Depends on the level of welfare in the country, eh?

Written by

Data Driven Econophile. Muslim, USA born. Been “woke” 2x: 1st, when I realized the world isn’t fair; 2nd, when I realized the “woke” people are full of shit.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store