What if our economy could grow so rapidly as to greatly increase the amount of money, goods, and services that are available – a good thing, right? What if one result of that growth is that the future economy has no place for you – not so good? These are more than hypothetical questions for millions of people around the world. Businesses are making more products with fewer employees and lower wages. In the US, corporate profits have doubled since 2000 but inflation adjusted household income has dropped from $56,000 to $51,000. After tax corporate profits are up from 5 percent of American GDP to 11 percent – a record high level. Simultaneously employee compensation has dropped from 47 percent of GDP to 43 percent. Continue reading THE ARTIFICIAL INTELLIGENCE ECONOMY
Tag Archives: wages
NO MONEY FOR A RAISE?
Wages, taxes, the role of unions, and a new term, “income inequality” spark lively and sometimes angry discussions across our state and nation. There are people working more than one low wage job who still qualify for food stamps and can’t support a family. Others can’t find even a minimum wage job. Some of our leaders say that developing higher levels of skill and education will bring higher wages, a true statement but an unsatisfactory answer to those who are underpaid to do necessary work. The work of those who prepare and serve fast food is honest work done by honest people who deserve a living wage. The same can be said for those who mop the floors of the schools, pick the peaches that I hope to eat soon and mow the grass along the highways. Continue reading NO MONEY FOR A RAISE?