America’s Unequal Economic Recovery

Wally

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Union membership has ticked up...
 

MennoSota

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Union membership has ticked up...
Hence another reason for higher unemployment. Just wait until racist Joe implements the federal $15/hr minimum wage. More and more in the unemployment line, all thanks to those racist progressives.
 

Wally

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Hence another reason for higher unemployment. Just wait until racist Joe implements the federal $15/hr minimum wage. More and more in the unemployment line, all thanks to those racist progressives.
Because those Blacks and Mexicans should be grateful for the $8/hr they get now.
🙄
 

Angry

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Because those Blacks and Mexicans should be grateful for the $8/hr they get now.
🙄
Wrong demographic. Teenagers won’t be able to develop work skills.
 

Wally

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Wrong demographic. Teenagers won’t be able to develop work skills.
I guess all work will stop because no one can develop skills. The world will end.
 

MennoSota

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Because those Blacks and Mexicans should be grateful for the $8/hr they get now.
🙄
Well, you certainly are a racist with your comment. Plus, you are ignorant of basic economics so that makes two strikes. Care to take another whiff?
 

BarnBurner

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Well, you certainly are a racist with your comment. Plus, you are ignorant of basic economics so that makes two strikes. Care to take another whiff?
Please don’t pester the Dipshidiot. Doesn’t know any better.
 

howeda7

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Very much an overlooked component of the proponents for a $15 minimum wage
Most state minimum wage laws have an exception for workers under 18. If this proceeds, it should too. (I'm not in favor of it ftr).
 

WhoFellDownTheGopherHole?

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Judging by my 401k, which is a rather exciting 2.5x the amount I had vested 6 months ago (with no personal contributions since) - I would recommend that everyone prepare for the market to absolutely tank very soon.
 

MplsGopher

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Amazon, Uber, etc. etc. dream of the day these pesky humans can be replaced with robots. That day can't get here soon enough, for them.

In the meantime, before most humans become unemployable, I support their efforts to earn reasonable compensation for reasonable work conditions.
 

Wally

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Amazon, Uber, etc. etc. dream of the day these pesky humans can be replaced with robots. That day can't get here soon enough, for them.

In the meantime, before most humans become unemployable, I support their efforts to earn reasonable compensation for reasonable work conditions.
Republicans are the best slave labor...
 

MplsGopher

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I generally agree with the spirit of the tweet.

But it does bring up an interesting point: is it physically possible for every single person in the country to be a doctor, lawyer, engineer, successful office worker/manager, etc.?

The answer of course is: no. Society can't function if everyone is at the top, and there are no people to serve the necessary functions, yet are at the middle or bottom of the pay scale.

The obvious comeback to that, though, is something like "but if they're necessary and society can't function without them, then why are they paid so much lower?" I don't have a good answer for that. An answer (though maybe no good), is that some people are just willing to do those jobs for that lower pay.
 

Go4Broke

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The obvious comeback to that, though, is something like "but if they're necessary and society can't function without them, then why are they paid so much lower?" I don't have a good answer for that. An answer (though maybe no good), is that some people are just willing to do those jobs for that lower pay.
I also don't have a good answer either other than point to the concerted effort to destroy labor unions in America that started with Ronald Reagan's firing of thousands of air traffic controllers in the first term of his presidency. Reagan made it acceptable for Americans to hate unions and look down upon union workers. The union movement has not recovered since he was president.

These guys have a much better understanding about what has been happening to low wage workers in America:

Why Wages Aren’t Growing in America

The majority of Americans share in economic growth through the wages they receive for their labor, rather than through investment income. Unfortunately, many of these workers have fared poorly in recent decades. Since the early 1970s, the hourly inflation-adjusted wages received by the typical worker have barely risen, growing only 0.2% per year. In other words, though the economy has been growing, the primary way most people benefit from that growth has almost completely stalled.

Understanding how and why this stagnation occurred is not just an academic question — it is essential to redesigning public policies so that more Americans share in the benefits of economic growth. In a recent Hamilton Project at Brookings report, we highlight what we believe are some of the most critical developments over the last few decades and consider what is necessary for the typical American to get a raise.

In a notable shift from earlier decades, labor’s share of income is no longer constant, but has fallen from nearly 65% in the mid-1970s to below 57% in 2017. Though some of this decline reflects measurement limitations, much of the decline is plausibly due to shifts in technology and market structure that have disadvantaged workers.

Assigning relative responsibility to the policies and economic forces that underlie rising inequality or declining labor share is a challenge. International trade and technological progress have played significant roles, putting downward pressure on the wages of low-skilled workers. For example, as imports from low-wage countries made inroads into the manufacturing sector, job losses in the United States were substantial in some areas. At the same time, U.S. manufacturing has learned to produce more with fewer workers.

We also know that educated workers have fared better; the wages received by those who finished their education with a four-year college degree grew from 134% of high school graduates’ wages to 168%. While increasing educational attainment has helped to raise wages for many workers, it remains the case that the majority of Americans have not completed a four-year degree.

Domestic policy choices have mattered, too, especially because they have affected workers’ bargaining power and the allocation of wages across different workers. For example, the deteriorating value of the inflation-adjusted minimum wage, along with declining union membership, have lowered wages for many in the bottom and middle of the wage distribution.

https://hbr.org/2017/10/why-wages-arent-growing-in-america


Wage Stagnation in America Charts


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Plausible Deniability

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I also don't have a good answer either other than to the concerted effort to destroy labor unions in America that started with Ronald Reagan's firing of thousands of air traffic controllers in the first term of his presidency. Reagan made it acceptable for Americans to hate unions and look down upon union workers. The union movement has not recovered since he was president.

These guys have a much better understanding about what has been happening to low wage workers in America:

Why Wages Aren’t Growing in America

The majority of Americans share in economic growth through the wages they receive for their labor, rather than through investment income. Unfortunately, many of these workers have fared poorly in recent decades. Since the early 1970s, the hourly inflation-adjusted wages received by the typical worker have barely risen, growing only 0.2% per year. In other words, though the economy has been growing, the primary way most people benefit from that growth has almost completely stalled.

Understanding how and why this stagnation occurred is not just an academic question — it is essential to redesigning public policies so that more Americans share in the benefits of economic growth. In a recent Hamilton Project at Brookings report, we highlight what we believe are some of the most critical developments over the last few decades and consider what is necessary for the typical American to get a raise.

In a notable shift from earlier decades, labor’s share of income is no longer constant, but has fallen from nearly 65% in the mid-1970s to below 57% in 2017. Though some of this decline reflects measurement limitations, much of the decline is plausibly due to shifts in technology and market structure that have disadvantaged workers.

Assigning relative responsibility to the policies and economic forces that underlie rising inequality or declining labor share is a challenge. International trade and technological progress have played significant roles, putting downward pressure on the wages of low-skilled workers. For example, as imports from low-wage countries made inroads into the manufacturing sector, job losses in the United States were substantial in some areas. At the same time, U.S. manufacturing has learned to produce more with fewer workers.

We also know that educated workers have fared better; the wages received by those who finished their education with a four-year college degree grew from 134% of high school graduates’ wages to 168%. While increasing educational attainment has helped to raise wages for many workers, it remains the case that the majority of Americans have not completed a four-year degree.

Domestic policy choices have mattered, too, especially because they have affected workers’ bargaining power and the allocation of wages across different workers. For example, the deteriorating value of the inflation-adjusted minimum wage, along with declining union membership, have lowered wages for many in the bottom and middle of the wage distribution.

https://hbr.org/2017/10/why-wages-arent-growing-in-america


Wage Stagnation in America Charts


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Well done, and very informative; information pretty clearly shows that wages and benefits started on a downward trend right around the Obama inauguration. I mean, most people know that the Dems are actually in FAVOR of the wealth inequity (though the company line for voting purposes is otherwise), it's nice to see information showing that this is indeed the case.
 

Wally

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I generally agree with the spirit of the tweet.

But it does bring up an interesting point: is it physically possible for every single person in the country to be a doctor, lawyer, engineer, successful office worker/manager, etc.?

The answer of course is: no. Society can't function if everyone is at the top, and there are no people to serve the necessary functions, yet are at the middle or bottom of the pay scale.

The obvious comeback to that, though, is something like "but if they're necessary and society can't function without them, then why are they paid so much lower?" I don't have a good answer for that. An answer (though maybe no good), is that some people are just willing to do those jobs for that lower pay.
Lots of dumb, drunk, high, mentally ill, handicapped people in the world.

I think anyone who works, I am going to use the EU standard 30/week 😏, should feel secure in their abilty to have food, water, shelter and healthcare. It seems obvious to me that as a society we have reached a level of wealth, technology ect where this is feasible.

I think unproductive citicizens sitting in apartments could be beneficial environmentally. Constant economic expansion in a world of finite resources is not a sane or logical endeavor. We just need policies to limit their procreation.

I find it funny when I read stories criticising unproductive people of various types, the recurring thought in my head is the more productive people the faster we use up this planet....
 

Wally

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Well done, and very informative; information pretty clearly shows that wages and benefits started on a downward trend right around the Obama inauguration. I mean, most people know that the Dems are actually in FAVOR of the wealth inequity (though the company line for voting purposes is otherwise), it's nice to see information showing that this is indeed the case.
Nixon started destroying the working class, Regan stomped them and now we just wait for their death, that's dramatic, we wait for their new tent city.
 

Go4Broke

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Jobs the Pandemic May Devastate

An updated forecast by the Bureau of Labor Statistics has alarming news for people with a high school diploma or less.

Projecting how many people will work in hundreds of detailed occupations in 2029 is a bold exercise — even without the uncertainty of the pandemic.
But labor experts within the U.S. government try to do just that. And their latest assessment of which jobs will grow over the next decade has alarming implications for jobs requiring less education — while also forecasting a boom for epidemiologists and other health-science jobs.

The original B.L.S. projections, made last year without taking pandemic effects into account, called for cumulative economywide job growth of 3.7 percent from 2019 to 2029. The new pandemic-informed projections cut that to 2.9 percent in the “moderate impact” pandemic outlook and 1.9 percent in the “strong impact” one.

Both of these new outlooks assume more remote work and higher demand for relevant technology services; less in-person entertainment and travel; and more investment in public health than would have happened without the pandemic.

https://www.nytimes.com/2021/02/22/...tion=click&module=Top Stories&pgtype=Homepage


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