Politics / ArcaMax

On Labor Day, what about labor's fair share?

For Labor Day, let's talk bluntly about labor's fair share of the profits and of the productivity of the economy. The hard truth is that labor, meaning the wide middle class, is not receiving its fair share. There is no clear-cut reversal of the middle class's declining fortunes in sight and no new ideas on the big radar screen. From the end of World War II until the early '70s, productivity of the economy increased, and wages after inflation also went up. The middle class shared in the fruits of their labor and received a significant portion of the efficiencies of the entire economy. This is no longer the case. Now, there is a huge gap between the substantial increases in efficiency and ...

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