A chart that I show often, from a paper by the Bureau of Labor statistics, compares the trends in productivity and wages from the end of WWII to the present. The two lines grown in tandem until around 1979, then start to diverge. The trend lines diverged even more greatly after 2000. The captains of industry had figured out how to keep more of the benefits or productivity growth for themselves and give less to the employees who were being more productive. What would your current wages be if the pre-1979 situation of wages growing with productivity had continued through today? The folks at the Economic Policy Institute put together a tool to help you find out. epi.org/blog/your-pay/
Posted on: Fri, 30 Aug 2013 19:05:30 +0000
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