Michael Strain

I kind of feel like somebody's punching me in the face and taking a couple of $20 bills out of my wallet.

That produces a sour feeling.

I feel that way because I am comparing prices today to what they used to be.

Thank you for having me. It's great to be with you.

Thank you for having me. It's great to be with you.

It is. I think if you look at a broad range of indicators and you focus your attention on outcomes for typical workers, typical households, what you see is that hard work pays off. You see that wages and incomes are rising for typical workers and typical households. You see the economy is continuing to create new employment opportunities for typical workers.

It is. I think if you look at a broad range of indicators and you focus your attention on outcomes for typical workers, typical households, what you see is that hard work pays off. You see that wages and incomes are rising for typical workers and typical households. You see the economy is continuing to create new employment opportunities for typical workers.

You see that America is still upwardly mobile and you see sure but steady progress. And so, yes, I think the economy is delivering.

You see that America is still upwardly mobile and you see sure but steady progress. And so, yes, I think the economy is delivering.

Well, over the last 20 years, the wages for typical workers after adjusting for inflation have increased by 25%. And over the last 35 years, they've increased by more than 40%. So considerable increases in purchasing power. You know, not spectacular. The mission has not been accomplished. Policy should be trying to do more to increase the pace of wage growth.

Well, over the last 20 years, the wages for typical workers after adjusting for inflation have increased by 25%. And over the last 35 years, they've increased by more than 40%. So considerable increases in purchasing power. You know, not spectacular. The mission has not been accomplished. Policy should be trying to do more to increase the pace of wage growth.

But a 25 percent increase over the last 20 years is a considerable increase in the purchasing power of wages for typical workers.

But a 25 percent increase over the last 20 years is a considerable increase in the purchasing power of wages for typical workers.

Yes, I think that's right.

Yes, I think that's right.

I think so. And increasingly you're hearing, you know, life was better in the 90s. And I find this to be puzzling. If you think about access to medical care, if you think about what jobs were like. When you look at some of those indicators, heart attack survival rates have doubled over the last several decades. Air travel is much safer.

I think so. And increasingly you're hearing, you know, life was better in the 90s. And I find this to be puzzling. If you think about access to medical care, if you think about what jobs were like. When you look at some of those indicators, heart attack survival rates have doubled over the last several decades. Air travel is much safer.

The average worker has a couple of weeks more vacation time than he or she used to. Access to education, access to cultural resources. access to information, the quality of housing, all of these indicators point to really considerable progress in the broader quality of life.

The average worker has a couple of weeks more vacation time than he or she used to. Access to education, access to cultural resources. access to information, the quality of housing, all of these indicators point to really considerable progress in the broader quality of life.

It's hard to predict the future, but it feels like we are really on the cusp of even more rapid increases in the quality of life.