Every decade, technology makes us dramatically more productive. Every decade, GDP growth slows. These two facts should not coexist — and understanding why they do reveals the defining economic tension of our era.
Your graph is deceiving because it starts at 20 and not 0 on the y axis. It shows a very modest increase in wage, there are much better charts out there that plot wage growth Vs productivity growth. This makes the theft all the more obvious.
Now compare wages vs inflation, and wages vs GDP. GDP of developed countries has climbed dramatically since the 80’s, while wage growth has slowed to a crawl relatively.
One must ask themself: where did all the money go?
Forgot to say: when you take GDP and divide it by the population you get mean. When we talk about wages, we’re talking about median wages. That’s where the difference lies
All of this is fairly obvious to someone not wearing a MAGA hat.
Productivity per person has increased since the 80’s, but wages have not followed - rather they have remained largely stagnant.
As such, the increased profits are instead going into an increasingly small amount of very rich people’s pockets
Wages have increased a huge amount from the 1980s
Your graph is deceiving because it starts at 20 and not 0 on the y axis. It shows a very modest increase in wage, there are much better charts out there that plot wage growth Vs productivity growth. This makes the theft all the more obvious.
This chart uses mean productivity and MEDIAN wages. You posted a chart meant to deceive.
Now compare wages vs inflation, and wages vs GDP. GDP of developed countries has climbed dramatically since the 80’s, while wage growth has slowed to a crawl relatively.
One must ask themself: where did all the money go?
It sure looked like it chartered a private jet to Venice Italy to rent out entire city blocks and get married in utter opulence, to me.
I already compared wages vs. inflation
There’s literally four inflation measures in this graph. Did the image load for you?
Forgot to say: when you take GDP and divide it by the population you get mean. When we talk about wages, we’re talking about median wages. That’s where the difference lies
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