Why the buying power of wages is diminishing all over the world?

Question

Why is the cost of living going up when technology should allow humans to increase productivity while decreasing human workload?

In: Economics

Answer 1

I am begging people to learn about real wages. So many macroecon misconceptions would be solved if people just learned about real wages. Real wages account for inflation.

Real wages are at near all-time highs for the United States [[Source](https://fred.stlouisfed.org/series/LES1252881600Q)].

I’m not sure what the picture is like in the rest of the world, but I’m very, very sure that real wages are not consistently declining across the world.