Because I've been hearing this since the 90s. Meanwhile productivity keeps skyrockting and wages stagnate. [flowingdata.com] Supply and demand work both ways. If productivity goes up and wages stay the same or go down that means there's less demand for labor. And it means Automation is to blame, because you're making more stuff and paying less wages because there's less demand for labor.
GPP's chart is wages. Yours is personal income. They are not the same thing.
"Personal Income" includes government benefits and income from interest and dividends.
Productivity improvements since 1975 have often been the result of capital investments. Much of the increased value has gone to the owners of capital in the form of interest, dividends, and rising stock prices.
The problem is that people on the bottom rungs of the economic ladder don't benefit much from that. People on higher rungs, with their 401k accounts and appreciating real estate, have done much better. People on the top rungs have benefited the most.
Which new jobs (Score:3)
Because I've been hearing this since the 90s. Meanwhile productivity keeps skyrockting and wages stagnate. [flowingdata.com] Supply and demand work both ways. If productivity goes up and wages stay the same or go down that means there's less demand for labor. And it means Automation is to blame, because you're making more stuff and paying less wages because there's less demand for labor.
Re: (Score:-1)
Really? Then explain this graph: https://fred.stlouisfed.org/se... [stlouisfed.org]
Re:Which new jobs (Score:3)
Really? Then explain this graph: https://fred.stlouisfed.org/se... [stlouisfed.org]
GPP's chart is wages. Yours is personal income. They are not the same thing.
"Personal Income" includes government benefits and income from interest and dividends.
Productivity improvements since 1975 have often been the result of capital investments. Much of the increased value has gone to the owners of capital in the form of interest, dividends, and rising stock prices.
The problem is that people on the bottom rungs of the economic ladder don't benefit much from that. People on higher rungs, with their 401k accounts and appreciating real estate, have done much better. People on the top rungs have benefited the most.