Originally Posted By: antiqueshell
Originally Posted By: CT8
Originally Posted By: JHZR2
Originally Posted By: JerryBob
All the economists say that inflation is practically nil, but if you factor in the degradation of quality in most everything, I'd say inflation is about 10%.
A good assessment. Even for domestic stuff, quality drops, the jobs get tougher for less pay, but the CEOs make more for creating "efficiency".
That is because their peers are in charge of the pay scale.
Indeed, meanwhile median income in the USA has dropped from around
55,000/yr to 51,000k in the past five years, and if they removed the top few percentage earners and weighted it correctly the median income would be close to 35,000/yr.
You are confusing median (the middle figure in a series when those figures are ordered in either ascending or descending order) and mean (add all of the figures in a series and divide by the number of figures; most people are referring to mean when they use the word "average"). Removing the top or bottom few percentage earners in such a large series would have no discernable effect on the median and you cannot weight a median.
As an example, if you have the series 1,1,3,5,5,5,5,17,28, the mean is 7.8 and the median is 5. Eliminate the 17 and 28 and your mean drops to 3.6 but your median is still 5.