By way of a new report by the Census Bureau’s annual report on income, a man working in 1973 made more money then than in 2014.
The report shows that, adjusted for inflation, a man working a full-time job some forty years ago made $53,294. In 2014, that number shrank to $50,383.
Men working for pennies on the dollar. Sort of.
How in the world…
So under President Richard Nixon, men were better off financially than they are under President Obama? Well, kind of. Let’s explore that a little.
Wage inequality is a real thing, honestly. It’s not a made up statistic or theory created by Democrats to scare the body politic into thinking that America is inherently unfair.
That’s part of what’s going on with why our paychecks and wallets seem light compared to what some earned in the 70’s.
In addition to that, productivity has increased but wages haven’t caught up with how hard Americans, specifically men, are working.
We really can stop there. If worker compensation doesn’t match productivity, then we have a problem, right?
Taking this a bit further, the Economic Policy Institute has a report regarding the difference in productivity and worker’s pay. Their conclusion to fix America’s wage contrast?
Raise the minimum wage and strengthen labor unions.
No, really. There is a large list of items that are included in the EPI’s Raising America’s Pay Initiative. In addition to the boosting the minimum wage, the list includes “investing in public infrastructure to create jobs” as well as “using the tax code to restrain top 1 percent incomes.”
Need more?
The EPI’s report shows that between 2000 and 2014, “net productivity growth of 21.6 percent from 2000 to 2014 translated into just a 1.8 percent rise in inflation-adjusted compensation for the median worker (just 8 percent of net productivity growth).”
Because worker pay hasn’t kept up with productivity, we’re here trying to figure out how to fill the gulf that’s been created due negligence.
Want more good news? Great!
A new study put forth by Harvard University’s Joint Center for Housing Studies shows that “almost 15 million U.S. households will devote more than half of their income to rent…”
Between wage disparities and the cost of living–or renting–how are American’s expected to, you know, survive?
Austerity measures haven’t helped the American economy and they surely haven’t aided the American worker.
So how do we fix the “this” that’s hanging over our heads like a cloud of Newport cigarette smoke?
Start by asking those running for political office, because if this blogger had the answers, I would have won the race I ran for back in 2012.
-JH
The post Report: Men made more money in 1973 than in 2014 appeared first on Jason Henry Project.