Well, I'm certainly not one to normally defend corporate America, however..
I believe what this graph shows is the increase of industrialization and technology over time, and just how unimportant general labor is becoming. The whole thing equates to people doing more with less time and effort. Therefore the company has to make a choice. Hire fewer people, pay more people, but less money, or raise prices to the consumer to compensate.
Continuous price increases piss off the consumer, so most try to avoid that to some capacity. At least on the scale it would take to compensate for "fair pay". So some companies choose to hire less people, which creates more people looking for work, which leads to companies getting labor at a lower cost.. which leads us to the same result in the graph.
Other companies choose to pay less overall. Which leads to other companies following suit to stay within "fair value" of what other people in the industry are paying employees, because.. why would Burger King pay employees $20 an hour if McDonald's has plenty of labor for $12? And once again we end up with the same result.
Productivity is only going to increase over time. There's no denying that. And if companies continued to pay based on productivity there would eventually be a point that companies could simply no longer keep up, or the prices of our goods and services would rise exponentially to cover it.
Basically a "damned if you do, damned if you don't " situation. And one of the few times I can't blame it on corporate greed. It's a product of industrialization. And it's never going away.
We need to rethink the job market.
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