Josh Bivens is the Research and Policy Director at the Economic Policy Institute (EPI).
Last week, the Bureau of Labor Statistics reported that 254,000 jobs were created in September and that job growth in both July and August was stronger than initially reported. This report was just the latest confirmation of the extraordinary strength of the U.S. labor market in recent years. This strength is what led to real incomes recovering far faster after the Covid-19 recession than they have following previous recessions.
For decades when wage growth for the vast majority of workers was anemic, these workers were often told it was because they weren’t skilled enough to keep pace with the demands of technological changes and globalization. This was false. It was intentional policy decisions that suppressed wage growth in those decades, policy choices meant to redistribute income upwards toward capital-owners and corporate managers.
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