The typical family makes less than the typical family did 15 years ago — which hadn’t been true since the Depression.
Even as the unemployment rate has fallen in the last few years, wage growth has remained mediocre. Last week’s jobs report offered the latest evidence: The jobless rate fell below 6 percent, yet hourly pay has risen just 2 percent over the last year, not much faster than inflation. The combination has puzzled economists and frustrated workers.
....educational attainment has slowed so much that the United States has lost its once-enormous global lead.
...On the growth side, ...both energy and education have been problems. The cost of energy [has] returned to its post-1970s norm in recent years and acted like a tax on the rest of the economy. Education, ...is the lifeblood of economic growth, allowing people to do entirely new tasks (cure a disease, invent the Internet) or to do old ones with less time and expense. Yet educational attainment has slowed so much that the United States has lost its once-enormous global lead.
[Also, health costs are an issue.] ...It’s no accident that the best period of wage growth in the last 40 years – the late 1990s – was also a period of quiescent health inflation.
...The political turmoil isn’t likely to end until the economic reality changes.
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