The Great Prosperity and The Great Regression
The Great The Great CHANGE, 1979-2009 Prosperity: 1947–79 Regression: 1980-Now +80% Pay Rose With Productivity.. ... And Then It Didn't Wages and overall compensation, for production and non- supervisory workers (now about 82 percent of the private sector work force), tracked steadily upward alongside gains in productivity. PRODUCTIVITY CHANGE, 1947-79 +119% The rising value of goods and services per worker meant rising pay. But that relationship ended in the 1970s. CHANGE, 1979-2009 AVG. HOURLY COMPENSATION +8% +100% +7% AVG. HOURLY WAGE +72% | BASELINE IS 1947 50 |'60 '70 |'80 |'90 |'00 Income Gains for All, Then ... ... Lopsided Gains at the Top From 1947 to 1979, all lower classes did better than the top fifth of earners on a percentage basis. From 1980 to 2009, no one did better than the top fifth. The poorest lost ground. 2009 INCOME RANGES FOR EACH FIFTH: воттом FIFTН +122% воттом FIFTH -4% $26,934 OR LESS SECOND FIFTH +101% SECOND FIFTH +7% $26,935-$47,914 THIRD FIFTH +113% THIRD FIFTH +15% $47,915-$73,338 FOURTH FIFTH +115% FOURTH FIFTH +25% $73,339-$112,540 TOP FIFTH +99% TOP FIFTH +55% $112,541 or MORE Great Wealth to the Top 1 Percent ... ... Was Reversed by Policy ... ... But Then Rose Again PEAK, 1928: +23.9% Q +23,5% GREAT WORLD DEPRESSION WAR II In 2007, the average wage income of the 20% top 1 percent was about $713,000. рOт-СОм BUST 15 LOW, 1976: +8.9% STOCKS CRASH Share of national income that 10 went to the top 1 percent of earners. Most workers got a bigger share of economic gains as wages grew; the top 1 percent's share hit a low point. National economic gains again flowed upward, even after two downturns. '13 20 |'30 |'40 50 |'60 70 '80 '90 "00 To Sustain Household Spending ... ... More Women Worked .. 1975: Percentage of women with children under age 18 who also worked 2008: Percentage of women with 47% 71% children under age 18 who also worked +132% ... And Debt Piled Up In 2007, 120% household indebtedness 100% peaked. 80 60 Household debt as a percentage of disposable income. Debt exceeded income starting in 2001. 40 1947: 26% '50 |'60 70 '80 '90 00. With debt at unsustainable levels and two-income households the norm, these two reactions to stagnant wages have reached their limits.
The Great Prosperity and The Great Regression
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