Where equality died…

productivity-versus-wages

Leftover sends this, which is long but totally worth it. Stan Sorscher, of Economic Opportunity Institute, writes:

…workers’ wages – accounting for inflation and all the lower prices from cheap imported goods – would be double what they are now, if workers still took their share of gains in productivity.

I’m not doing this article justice. Please read it.

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3 responses to “Where equality died…

  1. “Economics does not explain what happened in the mid-70s.

    It was not the oil shock. Not interest rates. Not the Fed, or monetary policy. Not robots, or the decline of the Soviet Union, or globalization, or the internet.

    The sharp break in the mid-70’s marks a shift in our country’s values. Our moral, social, political and economic values changed in the mid-70’s.”

  2. I believe that something was named Ronald Reagan.

  3. We have returned to the robber barons of the late 19th century when the industrial elite kept wages low and work hours long. Worse, the nation has become a service nation.

    I don’t think morals and political values have had anything to do with this shift. An extreme shift occurred with partisan politics when special interests not only discovered the way to rule Congress but determine who ultimately is elected through computerized gerrymandering.

    This government is a shell of what it was. Money has always ruled but now it suppresses the ability to lead a comfortable life. Consider an acceptable new business model: Über drivers. A new enterprise for those who want to ruin their new cars making minimum wages. They think they are doing well and are grateful for being independently employed. No health insurance, and the boss takes 20% of each ride fee which keeps them hungry to work longer hours. Service with a smile. The robber baron lives. Yes, and I use Über.

    Power to the People.

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