Workers’ Compensation: Growing Along with Productivity

Source: Workers’ Compensation: Growing Along with Productivity.

Advertisement

More on the top 1% giving women a pass on the great wage stagnation

IncomeGuide_2013_Jan17_RGB_page 75_75

Source: Read Online — Visualizing Economics.

The top 1% gave Canadian women a pass on real wage stagnation too

image

Source: Terence Corcoran: Liberal Budget; Donald Trump Demagoguery | Financial Post.

Median Income for Married Couples with Both Spouses Working

image

Source: Mark Perry.

More on the reversing gender pay gap or men getting their comeuppances?

@BernieSanders are the rich getting richer & poor getting poorer or are just men getting their comeuppance?

@RobinHoodTax @helenkellyCTU does the average worker earn less than 40 years ago?

https://twitter.com/RobinHoodTax/status/648963471690698752/photo/1

@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.

image

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.

image

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?

Some demographics of middle-class wage stagnation

Middle class stagnation versus food poverty

Why no (top 1% driven) middle class wage stagnation in (non-unionised) technologically progressive industries?

Image

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.

image

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.

Previous Older Entries

Great Books Guy

Reading The Classics

Science Matters

Reading between the lines, and underneath the hype.

Peter Winsley

Economics, and such stuff as dreams are made on

A Venerable Puzzle

"The British constitution has always been puzzling, and always will be." --Queen Elizabeth II

Real Time with Bill Maher Blog

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Climate Audit

by Steve McIntyre

New Historical Express

(Formerly Hatful of History)

Uneasy Money

Commentary on monetary policy in the spirit of R. G. Hawtrey

The Market Monetarist

Markets Matter, Money Matters...

The Antiplanner

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Pedestrian Observations

For Walkability and Good Transit, and Against Boondoggles and Pollution

Bet On It

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Movie Nation

Roger Moore's film criticism, against the grain since 1984.

~

Franck Portier's professional page

Anti-Dismal

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

Bowalley Road

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

History of Sorts

WORLD WAR II, EIGHTIES, MUSIC, HISTORY, HOLOCAUST

Tudor Chronicles

News, reviews and talk all about the Tudors

Karl du Fresne

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

@STILLTish. Gender Abolition

Examining Gender Identity ideology and its impact on Women's Sex based rights and Gay Rights. Exploring how this has taken such firm root in Western societies (Cognitive & Regulatory Capture).

Offsetting Behaviour

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

JONATHAN TURLEY

Res ipsa loquitur - The thing itself speaks

Conversable Economist

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

The Victorian Commons

Researching the House of Commons, 1832-1868

Coyote Blog

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

The History of Parliament

Blogging on parliament, politics and people, from the History of Parliament

Books & Boots

reflections on books and art

Legal History Miscellany

Posts on the History of Law, Crime, and Justice

Sex, Drugs and Economics

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

FREEcology

Libertarian environmentalism

Doc's Books

A window into Doc Freiberger's library

Media Myth Alert

Calling out media myths

European Royal History

The History of the Emperors, Kings & Queens of Europe

Tallbloke's Talkshop

Cutting edge science you can dice with

Marginal REVOLUTION

Small Steps Toward A Much Better World

The Risk-Monger

Let's examine hard decisions!

NOT A LOT OF PEOPLE KNOW THAT

“We do not believe any group of men adequate enough or wise enough to operate without scrutiny or without criticism. We know that the only way to avoid error is to detect it, that the only way to detect it is to be free to inquire. We know that in secrecy error undetected will flourish and subvert”. - J Robert Oppenheimer.

STOP THESE THINGS

The truth about the great wind power fraud

Trust, yet verify

Searching for the missing pieces of climate change communication

Ideas

Celebrating humanity's flourishing through the spread of capitalism and the rule of law

%d bloggers like this: