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america's new low wage economy
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<blockquote data-quote="rickyb" data-source="post: 2224314" data-attributes="member: 56035"><p><a href="http://www.zerohedge.com/news/2016-06-13/x-marks-spot-wages-started-losing-when-dollar-delinked-gold-1971" target="_blank">'X' Marks The Spot - Wages Started Losing When The Dollar Delinked From Gold In 1971 | Zero Hedge</a></p><p></p><p><img src="https://ci6.googleusercontent.com/proxy/-wg3gLC2CFyQoX6i0rqIWUQF0BkAexAKR2XsrW0WdmTlyeudZrlvMunUqKlKzSBSryPisSwhOEM_UBU30WbO1fg5cXIaai07caBrRDAn_4Xi75KLKIRD3CSIRh58qoDokEsuqyizi40u4_LSSGy39tfsU5GfKVs4-oQ=s0-d-e1-ft#http://images.huffingtonpost.com/2015-07-27-1438024680-5677388-Productivitywages.arrow.800-thumb.jpg" alt="" class="fr-fic fr-dii fr-draggable " style="" /> </p><p></p><p><strong>The economist talked of the figure as a sort of treasure map, which would lead us to the insight. “X” marks the spot. Dig here.</strong></p><p></p><p></p><p></p><p><strong>This figure tells three stories. </strong></p><p></p><p></p><p></p><p>First, we see two distinct historic periods since World War II. In the first period, workers shared the gains from productivity. In the later period, a generation of workers gained little, even as productivity continued to rise.</p><p></p><p></p><p></p><p>The second message is the very abrupt transition from the post-war historic period to the current one. Something happened in the mid-70’s to de-couple wages from productivity gains.</p><p></p><p></p><p></p><p>The third message is that<strong> workers’ wages – accounting for inflation and all the lower prices from cheap imported goods – would be double what they are now, if workers still took their share of gains in productivity.</strong></p><p></p><p></p><p></p><p>[…]</p><p></p><p></p><p></p><p>This de-coupling of wages from productivity has <a href="http://www.huffingtonpost.com/stan-sorscher/we-decide-how-to-share-ga_b_3185721.html" target="_blank">drawn a trillion dollars out of the labor share of GDP</a></p></blockquote><p></p>
[QUOTE="rickyb, post: 2224314, member: 56035"] [URL="http://www.zerohedge.com/news/2016-06-13/x-marks-spot-wages-started-losing-when-dollar-delinked-gold-1971"]'X' Marks The Spot - Wages Started Losing When The Dollar Delinked From Gold In 1971 | Zero Hedge[/URL] [IMG]https://ci6.googleusercontent.com/proxy/-wg3gLC2CFyQoX6i0rqIWUQF0BkAexAKR2XsrW0WdmTlyeudZrlvMunUqKlKzSBSryPisSwhOEM_UBU30WbO1fg5cXIaai07caBrRDAn_4Xi75KLKIRD3CSIRh58qoDokEsuqyizi40u4_LSSGy39tfsU5GfKVs4-oQ=s0-d-e1-ft#http://images.huffingtonpost.com/2015-07-27-1438024680-5677388-Productivitywages.arrow.800-thumb.jpg[/IMG] [B]The economist talked of the figure as a sort of treasure map, which would lead us to the insight. “X” marks the spot. Dig here.[/B] [B]This figure tells three stories. [/B] First, we see two distinct historic periods since World War II. In the first period, workers shared the gains from productivity. In the later period, a generation of workers gained little, even as productivity continued to rise. The second message is the very abrupt transition from the post-war historic period to the current one. Something happened in the mid-70’s to de-couple wages from productivity gains. The third message is that[B] workers’ wages – accounting for inflation and all the lower prices from cheap imported goods – would be double what they are now, if workers still took their share of gains in productivity.[/B] […] This de-coupling of wages from productivity has [URL='http://www.huffingtonpost.com/stan-sorscher/we-decide-how-to-share-ga_b_3185721.html']drawn a trillion dollars out of the labor share of GDP[/URL] [/QUOTE]
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