In this video mythbuster Don Boudreau takes former Clinton Labor Secretary Robert Reich to task on his dubious use of statistics while dispeling the common narrative of 'wage stagnation.'
Additionally, on Cafe Hayek, Boudreaux writes:
In this presentation (ppt), I calculate how many hours each non-supervisory worker earning the average nominal hourly wage of such workers had to work in 1975 to buy a variety of ordinary goods, and how many hours each non-supervisory worker earning the average nominal hourly wage of such workers must work in 2011 to buy similar (or, really, in almost every case far superior) or comparable goods.
The dollar figure beside each photo from the 1975 Sears catalog is the 1975 price(s) of that product(s) adjusted, using the CPI, into 2011 dollars. (The photos of the various pages of the 1975 Sears catalog, BTW, were taken with the camera in my iPhone. Just FYI.)
Before starting this PowerPoint presentation, I showed this recent clip from Robert Reich – one of many, many instances of people insisting that ordinary Americans are no better off today (at least materially) than they were since just before the age of alleged laissez faire descended upon us circa 1980.
A video of the Sear's catalog presentation can be found here.