New Study Confirms That American Workers Are Getting Ripped Off


New York Magazine has the article New Study Confirms That American Workers Are Getting Ripped Off.

Economists have put forward a variety of explanations for the aberrant absence of wage growth in the middle of a recovery: Automation is slowly (but irrevocably) reducing the market-value of most workers’ skills; a lack of innovation has slowed productivity growth to a crawl; well-paid baby-boomers are retiring, and being replaced with millennials who have enough experience to do the boomers’ jobs — but not enough to demand their salaries.

There’s likely some truth to these narratives. But a new report from the Organization for Economic Cooperation and Development (OECD) offers a more straightforward — and political — explanation: American policymakers have chosen to design an economic system that leaves workers desperate and disempowered, for the sake of directing a higher share of economic growth to bosses and shareholders.

It must have been 20 or 30 years ago that I came to the conclusion that being a worker is no way to get rich. You have to be an owner to make it. That’s when I got really interested in buying corporate stocks. I am not rich, but I am a heck of a lot better off now than I would have been had I not reached my conclusion.

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