"The comfort of the rich depends on an abundance of the poor." ~ Voltaire
"If any man tells you he loves America, yet hates Labor, he is a liar." ~ Abraham Lincoln
Sunday, August 26, 2012
"For workers in the 10th, 20th and 50th percentiles, median hourly wages haven’t grown much at all since the early 1970s. But a few economists have argued that this misses what’s really going on: Since the 1970s, women and racial minorities have become more integrated into the general workforce. So while white men, white women and racial minorities of both genders have all seen gains, the argument goes, the lower wages paid to women and racial minorities push down the median wage figure enough that these gains are disguised. Edward Conard’s new book “Unintended Consequences” makes a case along these lines, using the following chart (via Evan Soltas)."