10-Year Real Wage Gains Worse Than During Depression

IBD reports:

The past decade of wage growth has been one for the record books — but not one to celebrate.

The increase in total private-sector wages, adjusted for inflation, from the start of 2001 has fallen far short of any 10-year period since World War II, according to Commerce Department data. In fact, if the data are to be believed, economywide wage gains have even lagged those in the decade of the Great Depression (adjusted for deflation).

There are two things to remember here.1) Keynesian economics is a grand failure. Government spending as a percentage of GDP is much higher than ten years ago: but there is no multiplier effect. 2) College tuition isn't worth more but worth a lot less: the real wages prove it. College tuition should be back at 1999 at levels if not lower.