Nominal wages by themselves can’t buy a higher standard of living. Prices matter, too. When the prices of good and services are rising faster than nominal wages, people end up with less buying power. And that is exactly what’s happening now.
https://www.nytimes.com/2018/08/05/...ump-real-wages-inflation-workers-economy.html
https://www.nytimes.com/2018/08/05/...ump-real-wages-inflation-workers-economy.html
