One of the top economic writers of the New York Times and his editors have published an article entitled “The Great Wage Slowdown of the 21st Century”. There is no mention of the fact that there is a global market for labor. Here’s a comment that I posted in response:
Why the narrow focus on the U.S.? “The Great Wage Slowdown of the 21st Century” is certainly not a headline that would make sense to someone in China or Botswana. The pool of money for wages worldwide has grown dramatically in the 21st Century and people all over the world are enjoying dramatically better lives as a consequence. If I am not getting the share of this pool to which I feel entitled, perhaps my resentment just proves the adage “When the market gives you an answer you don’t like, declare market failure.”
Could it actually be that one reason we don’t get our former share of global wages is that we are unable to think globally?
[And, as a minor point, if employers provide health insurance to employees and the cost of that insurance has gone way up, isn’t that itself a substantial increase in compensation? Perhaps there has been wage growth in the U.S. but it isn’t noticeable unless we have to go to the hospital.]