There are four economic changes at work these days in the U.S. economy. (1) There is a greater disparity between the incomes of the top 10% and the bottom 10% (see earlier blogs on the Gini index). (2) Wages for the bottom 10% have been static. (3) Job growth lagged further behind rising current GNP than in the past, (4) Productivity has been at an historic high.
Folks, these four elements are connected. The single variable that correlates to employment, productivity and income is education. I'm not saying anything about the nature of education, except that the number of years of service (or servitude) in education relates to employment and income of the people being measured. Period, end of story. Something about the current work environment in the U.S. is rewarding something about years of service in education. Simple statement, simple fact. No judgment.
It does seem that the increases in productivity are rewarding the top 1% of income earners before rewarding the rest, but this has been true for the nearly one hundred years of reliable economic data. In periods of high growth, income disparity grows. The converse is true too.
So moaners and groaners about income disparity will have to wait for a prolonged economic downturn when productivity, income, employment and education are not so connected. Then the moaners and groaners will have different reasons to complain.