AOC Complains Wages Aren’t Rising as Wages Rise at Record Pace
Always offering a “unique” perspective, Congresswoman Alexandria Ocasio-Cortez reacted to the news of the Dow Jones Industrial Average crossing 29,000 for the first time ever by citing it as proof of how horrible the economy is.
“The Dow soars, wages don’t,” she wrote. “Inequality in a nutshell” concluded her nine word analysis.
The Dow soars, wages don’t.
Inequality in a nutshell. https://t.co/hD1g1y4uBk
— Alexandria Ocasio-Cortez (@AOC) January 12, 2020
Does this mean she’d praise Trump if the Dow tanked? Who knows.
I guess that despite her $174,000 taxpayer funded salary, he hasn’t set aside any of it for stocks. That’s too bad for her – but why she thinks the Dow’s gains are at expense of wages is a mystery.
Depressingly, the majority of responses to her tweet are in agreement, because much of her fanbase is a younger demographic that’s least likely to own stocks. One of the top comments on her post is that “99% of Americans will not see a dime from the Dow” – from an individual unaware that 55% of Americans own stocks. That still under-represents the extent of equity ownership in America, as roughly a quarter of Americans are under the age of 18 (and thus a group no one reasonably expects to own stocks in the first place).
Wages are increasing under President Trump – and they’re increasing fastest among those with the least. As the National Review’s Deroy Murdock summarized from the Atlantic Federal Reserve Bank’s monthly wage growth tracker:
- When it comes to race, wage growth for whites was a tick behind, at 3.5 percent, while non-whites charged ahead at 4.3 percent.
- In terms of age, the young and the restless rule. Those ages 16 to 24 saw wages climb 8.4 percent. Americans 25 to 54 enjoyed 3.9 percent higher paychecks. And the typically higher-income 55-plus crowd was behind the curve, with 2.5 percent wage growth.
- Bachelor’s degrees generated 3.7 percent wage boosts for those who held them. But those who went no further than high-school graduation also savored 3.7 percent higher pay.
- Interestingly enough, those with low, medium, and high skills all shared 3.6 percent wage increases, matching the nationwide bonus.
Murdock also notes that Sentier Research’s analysis of the Census Bureau’s Current Population Survey found that “U.S. median household income last November was $66,043 — $5,070 higher than this key metric’s position when President Trump was inaugurated on January 20, 2017: $60,973. This 8.3 percent increase in middle-class income in less than three years crushes the two-term, eight-year performances of Obama ($1,043, up 1.7 percent) and G. W. Bush (an emaciated $401, or a paltry 0.7 percent boost).”
The rich may be getting richer – but so is everyone else.