>>So has the average compensation for banks vs private sector in 1950 vs 2020. That is not surprising given how much more government subsidized, via central ba

>>So has the average compensation for banks vs private sector in 1950 vs 2020. That is not surprising given how much more government subsidized, via central bank operations and programs like GSE-guaranteed mortgage-backed securities (now issued at a rate of $1.7 trillion a year, to provide financial institutions with massive zero-risk investment returns), and regulated (centralized), banking has become. >>A large state DMV in that era was probably 90% clerical, with 12-15k workers. Now they are 80% professional with 2-4K workers. The private sector has also become more professionalized.. It's not just banking that has become more automated amongst private industries. Government compensation has increased for teachers, police, paramedics, etc, because they have increasingly powerful lobbies able to extract increasingly generous concessions from the political parties in power. In the 1950s, the vast majority of public sector workers did not have collective bargaining agreements with their employer. That has dramatically changed as public sector unions have gone from strength to strength. This is a systemic phenomenon across the advanced economies, resulting in spending patterns like this: https://ourworldindata.org/grapher/social-spending-oecd-longrun https://ourworldindata.org/grapher/social-spending-oecd-long...