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Ramesh Ponnuru: Stagnating wages don’t tell the whole story

The average wage earned in America has been stagnating for four decades, according to the Pew Research Center. It's a shocking finding. Thankfully, there are two reasons to be less dismayed by it than an initial glance would suggest.

In 2018, the average hourly wage was $22.65. Pew calculates that in inflation-adjusted terms, that's the same wage rate as in 1978. Back then, employees took home fewer dollars, but they went just as far. Looking at the inflation-adjusted wage of the worker in the middle of the income distribution tells the same basic story: It has barely risen since 1979 (the first year for which we have the statistic).