The fact that wages flatlined during a half-century in which reported GDP grew consistently and the stock market reached the stratosphere should have been an indication that something was wrong. This disconnect is a time bomb. https://t.co/QkKubn18jO— Chris Buskirk (@thechrisbuskirk) December 14, 2020
Yup. It's not a surprise or a mystery. Average wages have been stagnant in America for three big reasons:
- Women entered the workforce in huge numbers. Increased labor supply.
- Colossal levels of immigration. Again, labor supply increased.
- Atrocious free trade which resulted in manufacturing being exported. Decreasing that specific labor demand.
Those who're highly educated and technologically savvy survived and thrived. Those who're poor, below average, and who obviously don't own equity suffered greatly during this time.