@RichardvReeves Why did women get a pass on the great wage stagnation and exploitation by the top 1%?

Few labour markets statistics make much sense unless broken down by gender.

Wages growth is no exception with female wages growth quite good for a long period of time after the 1970s – a period in which male earnings stagnated.

The beginning of male wage stagnation seemed to coincide with the closing of the gender wage gap.

Presumably if men were previously profiting from patriarchy, that should have some implications for future wage growth and promotions for men as women catch up.

Presumably if men were previously profiting from patriarchy, that should have some implications for future wage growth for men as women catch up. Men lost the wage premium they previously earned from the sex discrimination directly in hiring, wage setting and promotions and investing in more education because they expected to be discriminated favourably at the expense of women.

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Not surprisingly the convergence in the male-female wage ratios started  in the 1970s which was the decade that male wage stagnation started.

The gender wage gap started converging again also pretty much in lockstep with the top 1% starting to grab higher and higher proportions of income.

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Source: Alvaredo, Facundo, Anthony B. Atkinson, Thomas Piketty and Emmanuel Saez, The World Top Incomes Database.

Why did the top 1% only pick on men in the great wage stagnation?

Middle class stagnation versus food poverty

Why did the top 1% only pick on men when they increased inequality over recent decades?

Everyone is much better off than 40 years ago

https://www.facebook.com/americanprogress/photos/pb.6072343558.-2207520000.1430805698./10152655913018559/?type=3&src=https%3A%2F%2Ffbcdn-sphotos-e-a.akamaihd.net%2Fhphotos-ak-xpa1%2Fv%2Ft1.0-9%2F10701963_10152655913018559_7591123891212966387_n.jpg%3Foh%3D569ad2055ae0d935b91d99ebe69a42b0%26oe%3D55CC8635%26__gda__%3D1439419683_385e63a56895e20d473063e008b3889c&size=638%2C487&fbid=10152655913018559

 

Would you step into a time machine to go back to the 70s glory days?

Apparently, we are not a cent better off compared to the 70s because all the income gains, every single cent, went into the pockets of the top 10%, if Senator Warren is to be believed in her recent Washington post op-ed.

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If you’re willing to put your money where your grumpy socialist mouth is, you would step into a time machine to go back to the 70s because that would make you wealthier.

A way to grasp the conceptual difficulties of measuring changes in living standards and life expectancies across the decades is to step into Brad De Long’s time machine.

In this thought experiment, De Long asks how much you would want in additional income to agree to go back in time to a specific year. De Long was an economic historian examining the differences in American living standards since 1900.

Of course, to work how much you would want be paid (or were willing to pay to go back to the Senator Warren’s better times in the 1970), if you used a less biased estimate of price inflation, the answer is steady increases in incomes for the last 25 years so you would want to be paid.

Senator Warren’s linked article actually confirms the same results. For after-tax incomes, everybody is noticeably richer than 30 years ago, especially if you’re a woman.

Senior citizen socialists should take care and think deeply about entering that time machine. It might mean instant death for them because of higher life expectancy is now as compared to the 1970s.

When you do step into that time machine be very picky about what part of the USA you go to if you like air conditioning. There wasn’t as much air conditioning in homes in the 1970s  as compared to day, especially if you were poor.

Another thing is, don’t expect to take that many trips. Air travel was not as common in the 70s. Airline deregulation was at the very end of the 1970s.

To add to your boredom in your spare time, your chances of owning a car was a lot less back then than now despite Senator Warren’s assurance that there has been no income growth for the bottom 90% in the last 30 to 40 years. She said that, not me.

As for lifting yourself up in life, and living the American dream, which was the title of Senator Warren’s op-ed? You were much more likely to not go to college back in the glory days of the 70s than now, especially if you were poor.

The most curious anomaly in Senator Warren’s arguments is that many consumer goods are fallen rapidly in price over the last 40 years, but people are somehow unable to buy them from the same fixed income.

via America’s Growing Income Gap, by the Numbers – ProPublica and U.S. Wages Are Historically Great, Or They’re Awful. It Depends on Your Preferred Inflation Measure – Real Time Economics – WSJ.

Have real wages stagnated?

Is the middle-class disappearing?

The middle class has been shrinking for half a century because…

The New York Times passed over as quickly as it could the fact that up until the year 2000 the middle class was shrinking because more of them are moving into the upper middle class and the rich.

Postwar vs. New Gilded Age: How did the middle class do?

Noahpinion: Postwar vs. New Gilded Age: How did the middle class do?.

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