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I agree with much of your comment, but a big piece of it simply isn't true. Since the late 70s (dates vary slightly based on which instrument you use to measur
by x0x0 11y ago
I agree with much of your comment, but a big piece of it simply isn't true. Since the late 70s (dates vary slightly based on which instrument you use to measure), the returns to increased productivity have gone, almost entirely, to the rich. That has nothing to do with any natural law or boom, but rather a political decision that the country has made.
Many of us who advocate for less inequality are advocating for changing the political decision behind the distribution of our wealth increase. For example, had median income, base year 1979, paced productivity, it would have gone from ~50k to ~90k (real). It actually went from ~49k to ... ~54k.