Wednesday, September 5, 2018

Wage stagnation

If you take inflation into account, in 1972 the average American worker earned $738 a week. In 2016, the figure was $723 a week. 44 years and a pay cut of 2%. The reason people have finally awaken to this mess is the discovery that government and business have grown and the benefits have gone to the top 20%. This group includes the 30% who are college graduates. The people responsible for this situation are not defined by ideology but by elitism. The top few have designed the economy in a way that benefits them and trade agreements are one aspect of this. The economic uncertainty felt by many is a real threat to those in power and they are not happy. Those in power are fighting back not with policy arguments but with personal attacks calling certain people, mostly those without a formal education, ignorant racist.

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