July 25, 2018

How American workers are being ripped off

NY Mag - conomists have put forward a variety of explanations for the aberrant absence of wage growth in the middle of a recovery: Automation is slowly (but irrevocably) reducing the market-value of most workers’ skills; a lack of innovation has slowed productivity growth to a crawl; well-paid baby-boomers are retiring, and being replaced with millennials who have enough experience to do the boomers’ jobs — but not enough to demand their salaries.

There’s likely some truth to these narratives. But a new report from the Organization for Economic Cooperation and Development offers a more straightforward — and political — explanation: American policymakers have chosen to design an economic system that leaves workers desperate and disempowered, for the sake of directing a higher share of economic growth to bosses and shareholders.


1 comment:

Anonymous said...

And this is a news flash?! Lincoln wrote in his journal that the owner class seriously discussed the benefits--to themselves--of enslaving the entire working class.

The highest offices in government and business are filled with individuals who would qualify for a "Psychopath" diagnosis if our world-view weren't deformed by the pathological deference to wealth inculcated by the wealthy.