The reason wages have not risen rapidly since WWII

Thursday afternoon links - AEI

Costs have been plummeting.

More below, with charts!

I could spend all day putting up charts, but you already know that all tech products prices drop with time, and most consumer goods prices drop with time resulting in TV which sold for $10,000 just a few years ago selling for a few hundred dollars today. Then there is the combinative tech, you know like the iPhone which is not so much a phone as everything else. You could not have payed any price for all the things the iPhone does in 1980, and yet, today it is affordable enough that even the "poor" carry them.

The only places where prices do not drop is in areas strongly related by government, whether local, state, or federal, things like health insurance, medical services, government services, housing, and the like. These things escalate in cost, because the government engineers the markets to drive prices upwards.

Wages need to rise rapidly in an environment where costs, services prices are constantly declining. We live in wealthy times where even our poor suffer the problem of too much food, too much entertainment, too much leisure, and too little physical exertion.