When Inflation Outpaces Real Income

January 18, 2023

There’s a trove of rich economic data on the Federal Reserve Economic Data (FRED) website, including data on inflation and real wages over time. How well has real wages kept pace with inflation – the cost of living – over time? Let’s turn to our good old friend Data Visualization to get a grasp on the matter. As always, first, let’s load up some essential packages. library(tidyverse) library(ggplot2) library(hrbrthemes) Then, let’s grab some data, including: ...