Image Credit – Liz West License- CC BY 2.0
For the American working class, wage stagnation has been a nasty problem, running 40 years deep now. Different year, same pay. Year, after year, after year. Alternatively, productivity for American businesses has risen to epic levels the past 40 years. This quote from the Harvard Business Review sums it up: “though the economy has been growing, the primary way most people benefit from that growth has almost completely stalled.”
The wage gap in this country is another lingering problem affecting millions of working Americans. “The average CEO at one of the 350 largest companies takes home more than five times the annual earnings of the average 0.1 percenter.”
The wage gap and wage stagnation are interrelated problems. Understanding how they happened is the key to understanding how to fix them. Fortunately, we found a video that goes into great detail on the creation of the wage gap and wage stagnation. The video is hosted by Richard Wolff. Wolff is a renowned economist, and in the video we’re featuring, he delivers a fiery indictment of an economy that is out of whack, unjust, and on the brink of collapsing.
To be clear, the video is not an angry screed. Wolff is passionate, funny, entertaining, and most of all, on point, as he explains how our economy has slowly but steadily unraveled. We warn you, this video is going to make you mad. It’s going to make you mad because what Wolff says is true and getting worse every day.