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I never said it's all good. I said there has been real wage growth the past few years, with the highest year over year gain on record in 2014. And again, most
by ChrisLomont 8y ago
I never said it's all good. I said there has been real wage growth the past few years, with the highest year over year gain on record in 2014.
And again, most workers were not working 50 years ago. Many have seen real wage growth in their working lifetime.
You're still ignoring that there has been demographic changes also over the past 50 years. At the start of that many people didn't work, and were not counted in median wages. They were not looking for work and were not in the workforce. Since 1960 women and minorities entered the workforce in mass. Both of those groups have seen tremendous wage growth over the past 50 years.
So simply taking the median as you do, ignoring changes in the age and make up of the workforce, you miss a lot of gains.
You also ignore that total compensation, as measured by BLS stats, has increased far faster than wage growth. Currently wages only make up about 70% of total compensation [1]. Healthcare costs borne by employer are the simplest one to recognize - 50 years ago employers didn't pay much and costs were low. As healthcare costs increased, cost to employer increased far faster than wages, but this is still a benefit to the employee.
You also ignore that total cost to employ, again as measured by BLS has increased, due to regulations (many good) passing costs onto employer, things that also benefit workers. There has been significant federal legislation passed in the past 50 years that benefit workers, at a cost to employers. This cost results in benefits to workers but at a reduced wage.
BLS tracks all this in various indices.
So, if you simply look at median wage, ignore demographics, ignore increased benefits, ignore regulatory costs that benefit workers, then sure, things are not magically increasing. But all those other things are benefits to workers that do not show up in median wages. Adding them in gives a pretty big increase in total benefits to workers over the past 50 years.
So if you really want to argue more than I initially wrote, then let's do. But at least don't ignore factors counter to the narrative you want to spread.
You want to argue something else than what I posted.
[1] https://www.bls.gov/news.release/ecec.nr0.htm https://www.bls.gov/news.release/ecec.nr0.htm