Don’t buy revisionist attempts to rehabilitate it. Instead, push for a bold progressive populism.
Friends,
I rarely ask you to look at charts. Today is an exception. This one is from the Economic Policy Institute. It compares the typical American’s pay starting just after World War II (light blue line) with the nation’s increasing productivity since then (dark blue).
The chart shows the widening divergence between the rise of pay and the yields from productivity.
In the first three decades after World War II, the typical American’s pay rose in tandem with the nation’s growing productivity. The benefits from higher productivity were broadly shared.
But then, starting in the late 1970s and dramatically after 1980, pay barely grew, even as productivity continued to soar. The benefits from higher productivity went increasingly to the top.
Why?
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