Growth Is Overstated

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The New York Times rightly laments the decline in wages after deindustrialization, but they cite bogus government data to say that GDP has been growing. An understated deflator, prior uncounted women’s labor, undercounted labor hours (since computers), and no accounting for depreciation (gross), make charts like this completely suspect:

In 2019, the median annual total compensation for all U.S. full-time Amazon employees was $36,640, up from $35,096 in 2018. However, Amazon had something like 1,298,000 employees in 2020. Do the math.

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