These annual inflation-adjusted gains in the median wage compare to real net worth gains of nearly $1 million and $4 million per annum for the top 1% and top 0.1%, respectively.
The average worker in the bottom half of the wage distribution generated earnings that do not even remotely support a middle-class living standard.
In all, these 39 million bottom-of-the-ladder jobs generated about $244 billion of aggregate wage income in 2022.
The real problem is that the US economy has done such a poor job of generating middle-class employment opportunities that it took 1,400X more workers at the bottom of the labor market to generate the same amount of wage income as the top-tier earners.
In all, the 84.5 million workers below the median annual wage generated $1.51 trillion of aggregate wage income in 2022.
It's the actual average wage income of 84.5 million US employees, who represent a larger work force than the total population of either England, France, Italy, or even Germany.
Why isn't the US economy generating middle-income jobs at the scale needed to provide better opportunities to the 84.5 million workers below the median wage level?
https://brownstone.org/articles/the-destruction-of-the-american-middle-class/
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