Astral Codex Ten

FRED

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FRED

Article

FRED is a recurring organization in the Astral Codex Ten archive, appearing 2 times across 2 issues between September 21, 2022 and December 31, 2025. The archive places it in contexts such as “FRED only has data since 1989, but agrees that things haven’t gotten worse since then”; “from FRED’s “Real Median Household Income” series”; “which is the current standard FRED uses”. It most often appears alongside Mexico, Sacramento, 1955.

Metadata

  • Category: Organizations
  • Mention count: 2
  • Issue count: 2
  • First seen: September 21, 2022
  • Last seen: December 31, 2025

Appears In

Source Context

Recovered passages from the original issue text. When the raw archive preserved outbound links inside the source passage, they are listed directly under the quote.

Why Is The Central Valley So Bad?
September 21, 2022 · Original source
Here it looks like things got worse from 1975 - 1985, and then depending on county there was a slower-to-imperceptible decline thereafter. FRED only has data since 1989, but agrees that things haven’t gotten worse since then. Here’s unemployment: Is this just because people got discouraged (or on welfare) and stopped seeking employment, and so stopped showing up in the statistics? Here’s a graph of Total Employed Persons: In 1990, 303,000 people were employed out of a population of 354,000. In 2022, 430,000 people were employed out of a population of 542,000. So labor participation rate went from 86% to 79%. But national labor force participation decreased by about the same amount during that time, so I don’t think we should overemphasize that. And here are some other graphs I found useful: Fresno housing prices: Racial demographics: Source: Wikipedia. Central Valley cities like Fresno and Bakersfield aren’t really more Hispanic than other parts of California or Arizona, so if immigration or racial issues played a part it must have been more complicated than just numbers. Number of immigrants in California over time: Factors of productivity in agriculture: V. So why is the Central Valley so bad? It’s an agricultural region, but lots of places are agricultural. It got lots of immigrants, but no more than many other places. It’s polluted - but so was LA, and LA rebounded. This is just a weak guess, but I think it starts with their crops. The Midwest grows mostly corn and wheat. The Central Valley is more fruits, vegetables, and nuts. Corn and wheat are easier to harvest, so middle-class farmers can own the farm and buy a mechanical harvester or something. Fruits, vegetables, and nuts benefit from intensive manual picking, so farm owners hire outside labor. According to Carolina Demography: There are about 3 million farmworkers in the United States: about two million are family farmworkers and another one million are hired farmworkers…nationally, about three-fourths of hired farmworkers are foreign-born; most (69%) were born in Mexico; 6% were born in Central America; and 1% were born in another country. Given that these are mostly Mexican immigrants, we’re probably not talking about people who are hired to grow corn in Kansas. I think plausibly the majority of US hired farmworkers live in California’s Central Valley. This makes it a sort of plantation agriculture system, which naturally tends towards landowners taking all the gains and workers ending up as an underclass. In the mid-20th century, the local plantation underclass was made of Okies (cf. The Grapes of Wrath). In the later 20th century, many immigrants moved in, lowering wages. Although immigrants don’t usually lower wages, this is because there are usually lots of industries for people to branch out into, but the Central Valley only has agriculture. Also, agribusinesses were becoming better at mechanizing their operations. Although technology doesn’t usually lower wages, again, this requires lots of diverse industries, and the Central Valley only had agriculture. All of this corresponds to the 1975-1985 period on the graphs where wages were going down. But it sounded from some of the testimonials above like the Central Valley didn’t become truly miserable until the late 90s. I’m not sure why this is. It could be the immigrants switching from being migrant laborers to raising families, and those families were impacted by poverty and inequality in a way the original migrants weren’t. It could be worsening drug problems as new drugs get invented and go down in price. (I’m not sure if NIMBYism and rising house prices also played a part. House prices do seem to have risen, a lot, but I was under the impression that building things in the Central Valley was easy and most of a house’s price there is construction rather than land. I’m not sure why house prices would have gone up so much since 1990 if this were true, though.) Other things that the articles I read emphasized: There’s a severe drought in the Central Valley right now. This is probably partly climate change, partly bad luck, and partly California diverting water to hydrate growing coastal cities. This has made everything worse (but then why isn’t that reflected in worsening economic statistics?)
Inline links: https://substackcdn.com/image/fetch/$s_!jJHH!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Faf442355-432b-4ac1-b10d-2ebf17011084_1151x345.png, https://substackcdn.com/image/fetch/$s_!oETP!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1fe3e7f8-9e13-4295-b608-d071425d6adc_1116x300.png, decreased by about the same amount, https://substackcdn.com/image/fetch/$s_!is_P!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F09af8185-c8cf-4879-999c-4643ec7d7079_989x590.png, https://substackcdn.com/image/fetch/$s_!K8wW!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F6ce47fbd-0a84-4461-a96c-07a2d8130d4e_412x104.png, https://substackcdn.com/image/fetch/$s_!Vvxn!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2Fe95d035a-8dea-410c-8b8f-19acb145859e_676x356.png, https://substackcdn.com/image/fetch/$s_!xlsr!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F36965205-4cb9-4f93-b855-91cc6b9047b5_450x397.png, Carolina Demography, Okies
Highlights From The Comments On Vibecession
December 31, 2025 · Original source
Fred writes:
Inline links: writes
For example, from FRED’s “Real Median Household Income” series (2), from 2000-2024, income grew from $71,790 to $83,730. That’s about a 16.6% increase over 24 years. That’s roughly a 0.6% annual growth rate. If the difference between Chained CPI and CPI is roughly 0.3%/year and real median income growth is ~0.6%/year, then how we measure inflation has a pretty significant impact on how we calculate real income, as well as every inflation adjusted measure we looked at.
And I’m pretty confident that chained CPI is valid, because in the “Real Median Household Income” data from FRED, under notes, it says “Income in 2024 C-CPI-U (2000-2024) and R-CPI-U-RS (pre-2000) adjusted dollars.” Which looks like the pre-2000 numbers are calculated using traditional CPI and the post-2000 numbers are calculated using chained CPI. This is buttressed by the fact that FRED’s chained CPI data only goes back to 2000 (3)