Rob Crawford
Robert ReichIncrease in worker productivity: 65%
Increase in worker hourly pay: 17%
Productivity has grown 3.7x as much as pay from 1979-2021.
This is what I mean when I say the system is rigged.
The Productivity–Pay Gap
The huge gap between rising incomes at the top and stagnating pay for the rest of us shows that workers are no longer benefiting from their rising productivity. Before 1979, worker pay and productivity grew in tandem. But since 1979, productivity has grown eight times faster than typical worker pay (hourly compensation of production/nonsupervisory workers).
LCF@rbreich unionize, unionize, unionize. In case my point isn’t clear, unionize, unionize, unionize.
MadCounselor@LockCityFarm @rbreich We really shouldn’t need unions. But we do.
TootUncommon@rbreich It's not "worker productivity" but productivity of the production system of which the worker is one factor.
Urban Hermit@rbreich The company keeps the money, calls it a profitable quarter. The value of the stock goes up. Company execs with stock benefits sell off a little to cash out. The rich get richer, the speculator class get fatter like a tick on a dog, and middle management has to increase productivity and cut labor costs more next quarter otherwise the company is not experiencing "growth". Meanwhile the middle class gets further away from home ownership, college for their kids, & health care.
@rbreich Meanwhile banks offer long term debt as a substitute for income. When long term debt well exceeds income, banks find ways to get the government to assume all the risk and get none of the rewards... because "growth". Hmmmm.