in that business productivity is up substantially and worker pay is down. How would you like to lose 1% of your pay?Â
From the Boston Globe:
Workers’ pay lags behind productivity
By Globe Staff | August 28, 2006
Despite a lengthy period of economic expansion, the current US economy has a chance to become the first period of sustained growth since World War II in which real wages for workers also failed to increase, The New York Times reported in today’s editions.
The median hourly wage for American workers has declined 2 percent since 2003, after factoring in inflation. In contrast, economists report that productivity — the amount that an average worker produces in an hour — has risen steadily during the same period.