Wage Stagnation Is Over. But Not for Us
For everybody who doesn’t work for my university things have gotten better:
In 2015, median household incomes rose by 5.2 percent. That was the fastest surge in percentage terms since the Census Bureau began keeping records in the 1960s. Women living alone saw their incomes rise by 8.7 percent. Median incomes for Hispanics rose by 6.1 percent. Immigrants’ incomes, excluding naturalized citizens, jumped by over 10 percent. The news was especially good for the poor. The share of overall income that went to the poorest fifth increased by 3 percent, while the share that went to the affluent groups did not change.
I’m glad for everybody else, of course, but we are such an outlier at my school. At the height of the recession, we were hiring aggressively for TT jobs and had our best years. And now that everybody is doing well, we are in the toilet, the hiring is dead, the compensation stinks, etc.
This goes to show that having a consistent philosophy of development and smart leadership is stronger than a recession. And having a dumb, rudderless leadership is stronger than any positive trends in the economy overall.