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Checks and Balance from The Economist

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Checks and Balance from The Economist

The Economist

Politics, News & Politics, News, Us Politics

4.61.7K Ratings

🗓️ 20 January 2023

⏱️ 41 minutes

🧾️ Download transcript

Summary

Reports of the slow death of American incomes have been exaggerated.  Since the turn of the millennium, hourly earnings have grown steadily in real terms.  While those at the top have taken most of the gains, in the past few years, the poorest have done well too.  Where does that leave those in the middle?  What’s behind the two decades of growing incomes?  And why hasn’t a richer population brought a more contented politics?


The Economist’s Simon Rabinovitch explains the latest data on incomes–and why it can be tricky to calculate.  We go back to another time where economic perceptions and reality were far apart.  And Betsey Stevenson, of the University of Michigan, discusses what all this means for income inequality.


John Prideaux hosts with Charlotte Howard and Idrees Kahloon.


You can now find every episode of Checks and Balance in one place and sign up to our weekly newsletter. For full access to print, digital and audio editions, as well as exclusive live events, subscribe to The Economist at economist.com/uspod




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Transcript

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0:00.0

As Helen opened her Amazon parcel, her stomach filled with butterflies, rapid air technology,

0:06.9

and a grill mode feature, this air-fryer tickled Helen's taste buds for a price lower

0:11.2

than she'd ever imagined, five stars from Helen.

0:15.9

Find star-rated products at star prices.

0:18.7

Start your search on Amazon today.

0:25.7

Salt was very valuable in ancient Rome.

0:29.0

Salt dried fish, and it fertilized crops.

0:32.8

It made wine last longer, and it cut the bitterness of greens.

0:37.4

It also, according to Pliny the Elder, was part of war.

0:41.8

The rummagos that soldiers were even paid in the white gold.

0:46.4

Salt, or salt, is the root of the word salary.

0:51.5

In 21st century America, there's a big debate about salaries.

0:55.7

For years, political campaigns have appealed to a squeezed middle class, and harkened back

1:00.5

to an era when raising a family on one income was possible.

1:05.4

But the data show a more complex picture.

1:08.4

What many Americans believe about what's been happening to their incomes over the past

1:12.5

few decades is flat wrong.

1:16.4

I'm John Prado, and this is checks and balance from the economist.

1:23.0

Each week, we take one big theme, shaping American politics, and explore it in depth.

1:37.0

Today, how are incomes changing?

1:50.8

Reports of the slow death of American incomes have been exaggerated.

1:55.3

Since the turn of the millennium, hourly earnings have grown steadily in real terms.

...

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