3 ms·

And median wages are much higher than in the 1970s, and more women and minorities get jobs too.

KennyBlanken 5y ago
Wages have only gone up appreciably for people well over the 50th percentile. For those at or under 50th percentile, they've stagnated. https://media.cleveland.com/datacentral/photo/11557873-large.jpg https://media.cleveland.com/datacentral/photo/11557873-large... Adjusted for inflation, median family income has risen by less than 10% in fifty years: https://www.johnstonsarchive.net/policy/mfi3.gif https://www.johnstonsarchive.net/policy/mfi3.gif More: http://www.aboutinflation.com/_/rsrc/1366245050708/salary-and-inflation/average-earnings-us/us-earnings-inflation-adjusted-age-16-historical/US_Earnings_per_week_inflation_adjusted_age_16_plus_historical_chart_2012.png http://www.aboutinflation.com/_/rsrc/1366245050708/salary-an... Also, look at more metrics like rate of home ownership, general savings, retirement savings, etc. Over the last fifty years, the top 1% wealthiest have pillaged the lower and middle class.
- ChrisLomont 5y ago
  Those don't capture total remuneration, as captured by the BLS. Since 1970 employees have received more of their total remuneration outside of wages, and these benefits are usually fixed cost. More relevant is total cost to employ, also tracked by BLS [1]. This accounts for legislative changes that add cost to employ, which lowers money available for wages. Such laws are generally beneficial to workers, and there have been gains here too Also the top is not some fixed group. Over a career a significant percentage of people enter and leave. The top % contains so many people it's simply bigotry to claim their gains were taken from others. The correct answer is that low skill jobs haven't seen the productivity gains that skilled ones have since 1970. Computerization didn't help plumbers or cooks increase output as much as it helped architects, accountants, etc. If anything, Baumols Cost Disease [2] is pulling up wages for lower incomes beyond their productivity warrants. Otherwise they'd have similar income to the same jobs in 1950. [1] https://www.bls.gov/news.release/ecec.nr0.htm https://www.bls.gov/news.release/ecec.nr0.htm [2] https://en.wikipedia.org/wiki/Baumol%27s_cost_disease https://en.wikipedia.org/wiki/Baumol%27s_cost_disease

Wages have only gone up appreciably for people well over the 50th percentile. For those at or under 50th percentile, they've stagnated. https://media.cleveland.com/datacentral/photo/11557873-large.jpg https://media.cleveland.com/datacentral/photo/11557873-large... Adjusted for inflation, median family income has risen by less than 10% in fifty years: https://www.johnstonsarchive.net/policy/mfi3.gif https://www.johnstonsarchive.net/policy/mfi3.gif More: http://www.aboutinflation.com/_/rsrc/1366245050708/salary-and-inflation/average-earnings-us/us-earnings-inflation-adjusted-age-16-historical/US_Earnings_per_week_inflation_adjusted_age_16_plus_historical_chart_2012.png http://www.aboutinflation.com/_/rsrc/1366245050708/salary-an... Also, look at more metrics like rate of home ownership, general savings, retirement savings, etc. Over the last fifty years, the top 1% wealthiest have pillaged the lower and middle class.

ChrisLomont 5y ago
Those don't capture total remuneration, as captured by the BLS. Since 1970 employees have received more of their total remuneration outside of wages, and these benefits are usually fixed cost. More relevant is total cost to employ, also tracked by BLS [1]. This accounts for legislative changes that add cost to employ, which lowers money available for wages. Such laws are generally beneficial to workers, and there have been gains here too Also the top is not some fixed group. Over a career a significant percentage of people enter and leave. The top % contains so many people it's simply bigotry to claim their gains were taken from others. The correct answer is that low skill jobs haven't seen the productivity gains that skilled ones have since 1970. Computerization didn't help plumbers or cooks increase output as much as it helped architects, accountants, etc. If anything, Baumols Cost Disease [2] is pulling up wages for lower incomes beyond their productivity warrants. Otherwise they'd have similar income to the same jobs in 1950. [1] https://www.bls.gov/news.release/ecec.nr0.htm https://www.bls.gov/news.release/ecec.nr0.htm [2] https://en.wikipedia.org/wiki/Baumol%27s_cost_disease https://en.wikipedia.org/wiki/Baumol%27s_cost_disease